Kalind Limited has officially withdrawn from its proposed acquisition of DBJ Multi Services Private Limited, citing strategic and commercial considerations following an internal review. The company communicated this decision to the Bombay Stock Exchange on March 7, 2026, under Regulation 30 of the SEBI listing requirements.

Transaction Details

The proposed acquisition involved purchasing 50,00,000 fully paid-up equity shares of INR 10/- each from existing shareholders, representing complete ownership of the target company on a fully diluted basis. The transaction was initially disclosed by the company on February 28, 2026.

Strategic Decision

The withdrawal decision emerged from an internal review and reassessment of the commercial and strategic considerations surrounding the transaction. The company has also decided not to proceed with the associated preferential issue of securities that was planned alongside the acquisition.

Regulatory Compliance

Kalind Limited fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The formal communication was signed by Ayush Dharmendrabhai Jasani, Vice Chairman & Managing Director, and submitted to the Bombay Stock Exchange.

Company Information

The disclosure was made to the Department of Corporate Services at Bombay Stock Exchange Limited, with Kalind Limited trading under BSE Scrip ID 526935. The company emphasized that it will not proceed further with either the acquisition or the preferential issue transactions.

Kalind Limited (formerly Arunis Abode Limited) announced comprehensive corporate restructuring following its board meeting held on February 28, 2026, at the company's registered office in Surat, Gujarat. The meeting, which commenced at 1:00 p.m. and concluded at 2:40 p.m., addressed multiple strategic initiatives including a major acquisition, management changes, and enhanced financial capabilities under Regulation 30 of SEBI LODR Regulations.

Strategic Acquisition of DBJ Multi Services

The board approved the strategic acquisition of 100% equity stake in DBJ Multi Services Private Limited (DBJMSPL) for an aggregate consideration not exceeding ₹310 crores. The acquisition will be executed through a share swap mechanism involving the issuance of up to 2,58,00,000 fully paid-up equity shares at ₹120.00 per share.

DBJMSPL operates in civil services including construction, building infrastructure, industrial projects, equipment hiring, and routine maintenance services. The target company's financial performance shows varying turnover figures across recent years.

Key Management Personnel Changes

Significant changes occurred in the company's leadership structure with multiple resignations and new appointments across key positions, all effective February 28, 2026.

CFO and Company Secretary Transitions

Mr. Vijay Palsingh Gulya brings over 19 years of professional experience in financial management, taxation consultancy, and corporate governance. His expertise includes handling NCLT and ITAT cases, corporate restructuring, and wealth management.

Auditor Appointments

The board appointed new statutory and secretarial auditors following resignations of existing auditors.

Enhanced Financial Capabilities

The board approved substantial increases in various financial limits, significantly expanding the company's operational capacity to ₹1000 crores across multiple parameters.

Authorized Share Capital Expansion

The company's authorized share capital will increase dramatically from ₹122 crores to ₹1000 crores, representing a substantial expansion in equity base.

Upcoming Shareholder Approvals

An Extraordinary General Meeting (EGM) has been scheduled for March 27, 2026, at 12:30 p.m. through video conferencing to seek shareholder approvals for the proposed resolutions. The cut-off date for determining eligible members is February 27, 2026, with remote e-voting commencing March 24, 2026, and concluding March 26, 2026.

Committee Reconstitution

The board approved reconstitution of various committees to ensure compliance with regulatory requirements.

Ms. Riddhi Shah has been appointed as Scrutinizer for conducting the e-voting process. These comprehensive changes position Kalind Limited for significant growth and enhanced operational capabilities, subject to shareholder and regulatory approvals. The company is in the process of appointing a new Company Secretary and Compliance Officer, with details to be announced in due course.