Kirloskar Oil Engines Limited has received a substantial acquisition disclosure from promoter Geetanjali Vikram Kirloskar under SEBI Regulation 29(2) of the Substantial Acquisition of Shares and Takeovers Regulations, 2011. The disclosure pertains to the acquisition of 200 additional equity shares through open market transactions.

Transaction Details

The acquisition was executed on December 18, 2025, through open market purchases. Geetanjali Vikram Kirloskar, who is classified as a promoter group member, submitted the mandatory disclosure filing on December 19, 2025 from France.

Share Capital Information

The company's equity share capital structure shows the total equity share capital at ₹82.43 crores, comprising 16,48,55,383 equity shares with a face value of ₹5.00 each. The acquisition represents a minimal percentage of the total shareholding.

Regulatory Compliance

The disclosure was filed in accordance with SEBI regulations governing substantial acquisitions by promoters and persons acting in concert. Geetanjali Vikram Kirloskar, based at Kirloskar Residency, Bellary Road, Kirloskar Business Park, Hebbal, Bengaluru, submitted the filing as per regulatory requirements.

This acquisition represents part of the ongoing shareholding activities by the promoter group in Kirloskar Oil Engines. The disclosure ensures transparency and compliance with market regulations regarding share transactions by key stakeholders.

Kirloskar Oil Engines Limited (KOEL), a prominent player in the manufacturing sector, has received significant relief in its GST misclassification case. The company initially faced a Show Cause Notice for alleged misclassification in outward supply due to incorrect Harmonized System of Nomenclature (HSN) codes under GST regulations, but has now received a partially favorable adjudication order.

Initial GST Notice Details

The original notice dated September 19, 2025, from the Office of Deputy Commissioner of State Tax, Pune, Maharashtra, outlined substantial demands:

Favorable Adjudication Order

On December 12, 2025, Kirloskar Oil Engines received an Adjudication Order under Section 73(9) of the Maharashtra Goods & Services Tax Act, 2017, which was passed partially in favor of the company. The order resulted in a significant reduction of the tax demand, interest, and penalty:

Regulatory Compliance and Impact

The company has disclosed this development to BSE Limited and the National Stock Exchange of India Ltd. in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. KOEL maintains that it does not foresee any material impact on its financial, operational, or other activities following this favorable outcome.

Case Background

The original case pertained to miss-classification in outward supply due to HSN (Harmonized System of Nomenclature) code issues under the provisions of the Central Goods and Services Tax Act, 2017, Maharashtra Goods and Services Tax Act, 2017, and Integrated Goods and Services Tax Act, 2017.

Business Outlook

With the substantial reduction in GST liability from over ₹8 crore to approximately ₹4.35 lakh, representing a 99.46% decrease, Kirloskar Oil Engines has successfully navigated this regulatory challenge. The favorable adjudication order demonstrates the company's ability to effectively address compliance issues while maintaining its operational focus.