Maithan Alloys Limited acquired a 0.11% equity stake in ESDS Software Solution Limited for ₹18.15 crore on October 8, 2026. The transaction was executed through the stock exchange as a cash consideration investment.

The acquisition involved the purchase of 1,28,155 shares. Maithan Alloys stated that the move aims to reap long-term and short-term investment benefits. The company explicitly clarified that it does not intend to acquire control or management influence over ESDS Software Solution.

Target Entity Profile

ESDS Software Solution Limited is an AI-enabled end-to-end IT service provider with over two decades of experience. The company specializes in building and managing IT infrastructure, offering data center, cloud, colocation, managed services, and AI infrastructure solutions. Its client base includes Governments, PSUs, BFSI institutions, and enterprises across sectors such as banking, healthcare, retail, and energy.

As of March 31, 2026, ESDS reported a Profit After Tax (PAT) of ₹62 crore and a net worth of ₹520 crore. The acquisition was conducted at arm's length, with no related party involvement or promoter interest in the target entity.

What the Numbers Show

The investment represents a diversification of capital allocation by a ferroalloy major into the technology sector. While the stake size is minimal at 0.11%, the target's financial trajectory shows consistent growth: turnover expanded from ₹281 crore in FY24 to ₹378 crore in FY26. The PAT margin for FY26 stands at approximately 16.4% (₹62 crore on ₹378 crore turnover), indicating stable profitability within the IT services segment.

Maithan Alloys announced the voting results of its 41st Annual General Meeting held on September 28, 2026. All 16 resolutions, including the declaration of a final dividend of ₹6 per share and the confirmation of an interim dividend of ₹11 per share, were passed with a requisite majority.

The meeting was chaired by Subhas Chandra Agarwalla, Chairman and Managing Director. Electronic voting was facilitated through the Central Depository Services (India) Limited platform. Remote e-voting commenced on September 25, 2026 at 9:00 am and ended on September 27, 2026 at 5:00 pm. S. K. Patnaik was appointed as Scrutiniser to oversee the voting process. Voting results were announced on September 29, 2026 and intimated to stock exchanges.

Meeting proceedings and attendance

The meeting commenced at 11:30 am and concluded at 12:35 pm via Video Conferencing/Other Audio Visual Means. Directors present included Subodh Agarwalla, Palghat Krishnan Venkatramani, Aayush Khetawat, Chandra Prakash Kakarania, Dr. Ridhi Agarwala, and Sonal Choubey. Naresh Kumar Jain and Srinivas Peddi were unable to attend due to prior commitments. Sudhanshu Agarwalla, President and CFO, Rajesh K. Shah, Company Secretary, and representatives of the auditors were also present.

The Chairman noted there were no qualifications or material adverse effects in the Statutory Auditors' Reports or the Secretarial Audit Report for the financial year ended March 31, 2026. The revised Audited Financial Statement for FY26, the Directors' Report, and the Auditors' Reports were taken as read.

Voting process and conduct

As the Chairman declared an interest in 5 out of 16 agenda items, Aayush Khetawat, Chairman of the Audit Committee and Independent Director, conducted proceedings for all business items. Five Speaker Members raised questions on topics including growth plans, plant capacity, use of AI technology, renewable energy, and business opportunities in subsidiary companies. Subodh Agarwalla, Chief Executive Officer, responded to the queries.

Resolutions moved and approved

The following resolutions were moved for member approval and subsequently passed:

Ordinary business

Special business

What the Numbers Show

The voting results indicate strong shareholder alignment with management proposals. For the dividend resolution (Item 2), votes in favour stood at 99.9936%, with only 1,416 votes cast against out of 22,145,618 valid votes. Similarly, the re-appointment of directors retiring by rotation (Item 3) saw 99.8183% support. Even for special resolutions involving changes to the Articles of Association and appointment of new independent directors, support remained above 99.99%.