SST Private Family Trust has announced its plan to acquire a significant stake in Lactose (India) Limited through an inter-se transfer among promoter group entities. The acquisition represents a strategic consolidation within the promoter group structure of the pharmaceutical company.

Transaction Details

The key parameters of the proposed acquisition are outlined below:

Regulatory Compliance

The transaction is being conducted under the general exemption provisions of Regulation 10(1)(a) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. As this constitutes an inter-se transfer among promoter group entities, the acquirer is exempted from making an open offer to public shareholders.

The acquisition price of ₹61.00 per share has been set in compliance with SEBI SAST Regulations, ensuring it does not exceed the prescribed limits. The acquirer has declared that the acquisition price will not be higher by more than 25% of the computed reference price.

Market Price Reference

Lactose (India) Limited's shares are classified as frequently traded under SEBI SAST Regulations. The volume weighted average price for a period of 60 trading days preceding the notice date stands at ₹120.91 per share, providing the regulatory benchmark for the transaction pricing.

Shareholding Structure

The transaction will result in the following changes to the shareholding pattern:

Both the transferor and transferee have confirmed compliance with applicable disclosure requirements under Chapter V of the Takeover Regulations, 2011. The acquirer has also confirmed that all conditions specified under regulation 10(1)(a) regarding exemptions have been duly complied with.

Official Documentation

The disclosure was signed by Mr. Gopal Krishan Sarda as Trustee of SST Private Family Trust on December 10, 2025, from Mumbai. The company secretary Ritesh Pandey has submitted the necessary disclosure under Regulation 10(5) to BSE Limited for the inter-se transfer of shares between promoter group entities.

The Demat Account of SST Private Family Trust is maintained in the name of its Settlor, Mr. Shyamsunder Bhorilal Toshniwal. The aggregate holding of the promoter and promoter group remains unchanged before and after the transaction, as confirmed in the official filing.

CRISIL Ratings Limited has reaffirmed the credit rating for Lactose India Limited , maintaining its long-term bank facilities at BBB- with a stable outlook. This rating assessment covers a total of Rs. 60.00 crore in bank loan facilities from Bank of Baroda.

Rating Details

The reaffirmed rating applies to the following facilities:

Rating Validity and Disclosure

The rating letter was issued on October 24, 2025, and remains valid until March 31, 2026. Lactose India Limited's Company Secretary, Ritesh Pandey, submitted the rating confirmation to BSE Limited in compliance with regulatory disclosure requirements.

About the Rating

CRISIL's BBB- rating indicates that the company has a moderate degree of safety regarding timely servicing of financial obligations. This rating suggests that Lactose India Limited faces moderate credit risk, and changes in circumstances or economic conditions are more likely to weaken its capacity to meet its financial commitments compared to entities in higher rating categories.

The 'Stable' outlook indicates that CRISIL expects Lactose India Limited to maintain its credit profile over the medium term. This outlook is based on the agency's assessment of the company's business and financial risk profile.

Implications for Investors and Stakeholders

The reaffirmation of the credit rating provides a degree of assurance to investors and stakeholders about Lactose India Limited's ability to meet its financial obligations. However, it's important to note that while the rating offers an opinion on the likelihood of timely debt repayment, it does not constitute a recommendation to buy, sell, or hold the company's securities.

Investors and stakeholders should consider this rating as one of many factors in their decision-making process and should also review other financial and operational aspects of the company for a comprehensive assessment.

As per CRISIL's disclaimer, the ratings are based on information provided by the issuer or obtained from sources considered reliable by CRISIL. The rating agency does not guarantee the completeness or accuracy of the information on which the rating is based and is not responsible for any errors in its ratings.