Shah Foods Limited has successfully completed the acquisition of Tandhan Power Technologies Private Limited and raised capital through preferential share allotment, as announced in a regulatory filing dated March 27, 2026. The transactions represent a significant expansion move for the company into the power storage and backup solutions sector.

Acquisition of Tandhan Power Technologies

Shah Foods completed the acquisition of 100% equity stake in Tandhan Power Technologies Private Limited (TPTPL) through a share swap arrangement. The company acquired 1,67,00,000 equity shares of Rs. 10 each, representing complete ownership of the target entity.

Tandhan Power Technologies, incorporated on August 14, 2018, operates in the power storage and backup solutions business. The company functions as stockists, suppliers, repairers, and dealers in batteries, UPS systems, and allied products. Its product portfolio includes stationary batteries, solar power batteries, emergency lights, dry cells, and various electrical components and accessories.

Financial Performance of Acquired Entity

Tandhan Power Technologies reported a standalone turnover of Rs. 14,435.01 lakhs in FY 2024-25, showing growth from previous years.

Preferential Allotment for Cash Consideration

Simultaneously, Shah Foods raised Rs. 75,15,70,930 through preferential allotment of 68,32,463 equity shares to 69 investors from the non-promoter public category.

The largest individual allocations went to Jitendra Rasiklal Sanghavi and Roopal Hitesh Kawa, who each received 9,00,000 shares for Rs. 9.90 crores each. Other significant investors included Hitesh Natwarlal Kawa (3,33,000 shares), Kaushik Hasmukhlal Gandhi (3,16,500 shares), and Nimesh Sahadeo Singh (3,16,500 shares).

Share Swap Allottees and Promoter Changes

The acquisition involved allotment of 1,58,85,037 equity shares to nine key stakeholders of Tandhan Power Technologies. The major beneficiaries included Anuj Jalan (41,32,474 shares), Ankit Jalan (40,20,802 shares), and Jalan Sarees Private Limited (22,69,953 shares).

The transaction will trigger an open offer process, after which the acquirers and persons acting in concert will become the promoters of Shah Foods Limited, as per SEBI takeover regulations.

Strategic Rationale and Regulatory Compliance

The acquisition aims to expand Shah Foods' presence and strengthen business operations by gaining a foothold in power storage and backup solutions. The company expects the transaction to enhance operational synergies, broaden customer base, and improve market reach while supporting long-term growth objectives.

Both allotments were made in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and provisions of the Companies Act, 2013. The transactions required no governmental or regulatory approvals beyond standard compliance requirements.

The board meeting for approving these transactions was held on March 27, 2026, from 10:00 AM to 11:00 AM IST, with Managing Director Hemakshi Manan Patel signing the regulatory disclosure.

Shah Foods Limited has announced the resignation of Director Mr. Vinodkumar Shrikrishna Garg, effective from the closure of business hours on March 18, 2026. The company disclosed this information to BSE Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resignation Details

The formal disclosure provides comprehensive information about the directorship change as required under regulatory guidelines:

Formal Resignation Letter

In his resignation letter addressed to the Board of Directors, Mr. Garg formally tendered his resignation citing personal commitments and other professional engagements that require his time and attention. He requested the Board to relieve him of his duties and responsibilities as Director with effect from the close of business hours on March 18, 2026.

Mr. Garg expressed sincere appreciation to the Board of Directors and management for the support and cooperation extended during his tenure. He confirmed that there are no material reasons for his resignation other than those stated in his letter.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Schedule III - Para A (7B) of Part A of the Listing Regulations and SEBI Circular bearing Reference Number SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company has fulfilled its obligation to inform the stock exchange about changes in Board composition.

Mrs. Hemakshi Manan Patel, Managing Director with DIN 07297442, signed the disclosure document on behalf of Shah Foods Limited. The company has indicated that necessary forms and intimations will be filed with the Registrar of Companies and BSE Limited in compliance with applicable laws and regulations.