Rays of Belief invested approximately USD 2 million in its wholly owned subsidiary, Mom's Belief US Inc, through a right issue completed on September 17, 2026. The cash injection supports the company's expansion into specialized healthcare services in the United States.

The investment aligns with the objects of the initial public offer filed on September 8, 2026. The transaction was executed at par value of USD 1 per share.

Transaction Details

The board approved the further investment to leverage existing capabilities and infrastructure in the target entity. The deal is classified as a related party transaction conducted at arm's length. No promoter or promoter group holds interest in the subsidiary beyond the shares held by Rays of Belief.

Subsidiary Profile

Mom's Belief US Inc, incorporated on April 4, 2025, operates in the healthcare industry. It specializes in allergy and immunology, focusing on the diagnosis and management of immune system disorders.

As on March 31, 2026, the subsidiary reported:

• Turnover: USD 38,25,615
• Paid-up Capital: USD 100

Rays of Belief continues to hold 100% of the share capital following this investment. No change in the shareholding structure occurred.

LRSD Capital Pvt Ltd acquired a 6.48% stake in Rays of Belief Limited through an initial public offering allotment. The transaction involved the purchase of 13,54,233 equity shares on September 4, 2026.

The acquisition was made in concert with RGSL Investment LVF 1 and Ritu Dua. LRSD Capital is not part of the promoter group of Rays of Belief Limited. The shares were allotted as part of the IPO process, with the company scheduled to list on the NSE and BSE on September 8, 2026.

Acquisition Details

The filing under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, discloses the following shareholding structure:

Before this acquisition, LRSD Capital and its Persons Acting in Concert held no shares or voting rights in Rays of Belief Limited. Following the allotment, their total holding stands at 13,54,233 shares, representing 6.48% of the total diluted share capital.

What the Numbers Show

The total equity share capital of Rays of Belief Limited remains at 2,09,01,682 equity shares of ₹10 each after the acquisition. This indicates that the shares acquired by LRSD Capital were likely part of the fresh issue component of the IPO rather than an open market transfer from existing shareholders, as the total voting capital figure did not change between the pre-acquisition and post-acquisition disclosures in the filing.

RGSL Investment LVF 1 is included as a Person Acting in Concert by way of abundant caution. Its corpus is predominantly contributed by Rajasthan Global Securities Private Limited and LRSD Capital Private Limited. Investment decisions for the scheme are exercised by its Investment Manager in accordance with applicable fund documents.