Maithan Alloys received notice from the National Stock Exchange that its application to reclassify promoter shareholders to the public category has been returned. The exchange cited prolonged non-response to queries as the reason for rejecting the request under Regulation 31A of the SEBI LODR Regulations.

The application, originally submitted on February 3, 2026, sought approval for four entities to move from the "Promoter & Promoter Group" category to the "Public" category. The promoters involved in the reclassification request are Prahlad Rai Agarwalla, Sarita Devi Agarwalla, Avinash Agarwalla, and Prahlad Rai Agarwalla HUF.

Exchange Decision Details

The NSE issued its decision letter on September 9, 2026. In the communication, the exchange noted that despite multiple follow-ups, the queries and clarifications raised regarding the application remained unaddressed. Consequently, the application could not be considered further under the relevant listing regulations.

Path Forward

The National Stock Exchange stated that the promoters may submit a fresh application if they wish to pursue the matter further. This new submission must include a complete set of requisite documents and applicable fees.

Maithan Alloys disclosed this development on September 10, 2026, pursuant to Regulation 31A(8) of the Listing Regulations. The company also informed the Calcutta Stock Exchange and BSE Limited of the NSE's decision.

Maithan Alloys acquired a 0.06% stake in ESDS Software Solution Limited through the stock exchange on September 9, 2026. The company purchased 75,160 equity shares for a total consideration of ₹10.83 crore, marking a routine investment move rather than a strategic acquisition of control.

The transaction was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Maithan Alloys confirmed that the acquisition does not involve any related-party transactions and that the promoter group holds no interest in the target entity. The deal was executed at arm's length with cash consideration.

Investment Rationale

The company stated that the shares form part of its investment portfolio aimed at reaping long-term or short-term benefits. Maithan Alloys explicitly clarified that it does not intend to acquire control, whether directly or indirectly, over the management of ESDS Software Solution Limited.

Target Company Profile

ESDS Software Solution Limited operates in the IT-enabled services sector, providing AI-enabled end-to-end IT infrastructure solutions. Its offerings include data center, cloud, colocation, and managed services for governments, PSUs, BFSI institutions, and enterprises.

Financial data for ESDS Software as of March 31, 2026, indicates a turnover of ₹378 crore and a net profit after tax (PAT) of ₹62 crore. The company’s net worth stood at ₹520 crore.

Revenue Trend

ESDS Software has shown consistent revenue growth over the past three fiscal years. Turnover rose from ₹281 crore in FY24 to ₹357 crore in FY25, before reaching ₹378 crore in FY26. This trajectory reflects steady expansion in its IT infrastructure business.

What the Numbers Show

The acquisition cost of ₹10.83 crore for 75,160 shares implies an average purchase price of approximately ₹144.15 per share. Given ESDS Software’s reported PAT of ₹62 crore for FY26, this stake represents a minor financial exposure relative to the target’s earnings capacity, aligning with Maithan Alloys’ stated objective of portfolio diversification rather than operational integration.