HDFC Mutual Fund crosses 5% stake in Dodla Dairy

HDFC Mutual Fund has filed a substantial acquisition disclosure with Dodla Dairy Limited after its aggregate holdings crossed the 5% threshold mandated under SEBI regulations. The mutual fund's total stake in the dairy company reached 5.34% of the paid-up equity share capital as of December 10, 2025.

Regulatory Disclosure Details

The disclosure was made under Regulation 29(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. HDFC Asset Management Company Limited, acting as investment manager for HDFC Mutual Fund, submitted the required documentation to both the National Stock Exchange and BSE Limited on December 11, 2025.

Parameter	Details
Aggregate Holdings	5.34% of paid-up equity
Date of Threshold Crossing	December 10, 2025
Mode of Acquisition	Open Market
Acquiring Scheme	HDFC Small Cap Fund
Trustee Entity	HDFC Trustee Company Limited

Company Share Capital Structure

Dodla Dairy's current equity structure comprises a paid-up share capital of ₹60.33 crores, divided into 6.03 crore equity shares with a face value of ₹10.00 each. The company's shares are listed on both major Indian stock exchanges - NSE and BSE.

Acquisition Framework

The shares were acquired through open market transactions, with HDFC Small Cap Fund being the specific scheme under HDFC Mutual Fund that participated in the acquisition. The filing indicates that prior to this acquisition, the fund house held shares below the 5% disclosure threshold.

Compliance and Documentation

The substantial acquisition disclosure includes detailed annexures as prescribed under SEBI regulations, covering acquisition specifics and fund details. The documentation was signed by Dinesh Bhakade, Deputy Vice President - Compliance at HDFC Asset Management Company Limited, ensuring full regulatory compliance.

The disclosure confirms that no encumbrances, warrants, or convertible securities were involved in this transaction, with the acquisition limited to equity shares carrying voting rights in the target company.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.53%	-1.64%	-0.66%	-13.33%	+0.75%	+98.77%

Dodla Dairy Limited , a prominent player in the Indian dairy industry, has initiated a postal ballot process to seek shareholder approval for the re-appointment of Dr. Raja Rathinam as a Non-executive Independent Director. The company is also seeking approval for the continuation of his directorship beyond the age of 75, in compliance with regulatory requirements.

Key Details of the Proposal

Aspect	Details
Proposed Re-appointment Term	5 years (February 1, 2026 to January 31, 2031)
Current Role	Non-executive Independent Director, Chairman of Risk Management Committee, Member of Audit Committee
Age	75 years
Experience	Over 41 years in the dairy industry
Qualifications	Ph.D. in Dairy Science, multiple degrees in dairy-related fields

Voting Process and Timeline

E-voting Period: November 8, 2025 (9:00 AM) to December 7, 2025 (5:00 PM)
Results Announcement: On or before December 9, 2025

Dr. Rathinam's Profile and Contributions

Dr. Raja Rathinam brings a wealth of experience to Dodla Dairy, with over four decades in the dairy sector. His expertise spans corporate governance, business transformation, sustainability, and corporate advisory services. Notable achievements in his career include:

Consultant for World Bank's Jeevika livelihood promotion project
Managing Director of SwaayamKsheer Producer Company Limited (UNDP initiative)
National Advisor to the President of India
Recipient of the National Productivity Award from the Prime Minister of India

Regulatory Compliance and Board Recommendation

The re-appointment proposal aligns with the Securities and Exchange Board of India (SEBI) regulations, particularly Regulation 17(1A) of the SEBI Listing Regulations, which requires special resolution approval for the directorship of non-executive directors over 75 years of age.

The Board of Directors, based on the recommendation of the Nomination, Remuneration & Compensation Committee, has endorsed Dr. Rathinam's re-appointment. They cite his strong academic background and extensive industry experience as valuable assets to the company's leadership.

Shareholder Action Required

Eligible shareholders are encouraged to participate in the e-voting process to cast their votes on this important corporate governance matter. The outcome of this postal ballot will shape the composition of Dodla Dairy's board for the next five years, potentially influencing the company's strategic direction in the dynamic dairy industry landscape.

As Dodla Dairy continues to navigate the competitive dairy market, the expertise and guidance of seasoned professionals like Dr. Rathinam could play a crucial role in the company's future growth and governance strategies.