Lactose (India) Limited has announced that SST Private Family Trust has successfully completed its acquisition of a significant stake in the company through an inter-se transfer among promoter group entities. The transaction was executed on December 17, 2025, representing a strategic consolidation within the promoter group structure of the pharmaceutical company.

Transaction Completion Details

The acquisition has been completed with full regulatory compliance as outlined below:

Regulatory Compliance and Documentation

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

The company has filed the necessary disclosure under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was submitted by Company Secretary Ritesh Pandey on December 23, 2025, confirming the completion of the transaction.

Shareholding Structure Changes

The completed transaction resulted in the following changes to the shareholding pattern:

Demat Account Clarification

SST Private Family Trust maintains two demat accounts in its name. While the initial disclosure indicated shares would be transferred to the account reflecting the name of the Settlor (Shyamsunder Bhorilal Toshniwal), due to a clerical error, the shares were transferred to the demat account reflecting the name of the Trustee (Mahendra Singhi). Both accounts belong to the same trust, and no third-party transfer occurred.

The aggregate holding of the promoter and promoter group remains unchanged before and after the transaction, as confirmed in the official filing. The transaction falls within the exemption under Regulation 10(1)(a)(i) and (ii) of SEBI SAST Regulations, covering immediate relatives and qualifying persons named as promoters in the shareholding pattern for not less than three years prior to the proposed acquisition.

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.