Mahaan Foods Limited, now known as Lake Shore Realty Limited, has announced a significant change in its management structure following a substantial acquisition. The company's board of directors has approved a series of appointments and resignations that mark a new chapter in its corporate governance.

Acquisition and Change of Control

M/s AL Maha Investment Fund PCC-ONYX Strategy and M/s Indigo Infracon Private Limited have acquired a 54.84% stake in Lake Shore Realty through a Share Purchase Agreement dated May 30, 2025. This acquisition involves 19,19,630 equity shares from the selling promoters, resulting in a change of control for the company.

As a consequence of this transaction, Indigo Infracon Private Limited has become the new promoter of Lake Shore Realty. AL Maha Investment Fund PCC - Onyx Strategy, despite being one of the acquirers, will remain a financial investor and will not be part of the promoter and promoter group category post-open offer.

New Board Appointments

The board has approved the following key appointments:

1. Ms. Bhairavi Chandrakant Goswami: Appointed as Additional Director and Managing Director for a 5-year term, effective August 04, 2025, subject to shareholder approval.
2. Mr. Chandan Hiralal Prajapati: Joins as Additional Director (Non-Executive, Non-Independent) under the promoter category.
3. Mr. Vijay Kumar and Mrs. Ruchi Ghanashyam: Appointed as Additional Directors (Non-Executive Independent) for 5-year terms.

Resignations

Concurrent with these appointments, the company announced several resignations, all effective from the closing hours of August 04, 2025:

1. Mr. Sanjeev Goyal: Stepped down as Director and Managing Director.
2. Mrs. Saloni Goyal: Resigned as Director under the promoter category.
3. Mrs. Manisha Goyal, Mr. Dharmesh Bhutani, and Mr. Achal Kumar Khaneja: Resigned as Independent Directors.
4. Mr. Jitender Singh Bisht: Resigned as CFO.

Committee Reconstitution

Following these changes, Lake Shore Realty has reconstituted its board committees:

Registered Office Relocation

In addition to the management changes, Lake Shore Realty has approved the shifting of its registered office within Delhi to 23, 2nd Floor, North West Avenue, Club Road, West Punjabi Bagh, New Delhi – 110026.

These sweeping changes mark a significant transition for Lake Shore Realty Limited as it embarks on a new phase under fresh leadership and ownership structure.

In a significant development in the real estate sector, Al Maha Investment Fund PCC and Indigo Infracon Private Limited have acquired a substantial stake in Mahaan Foods Limited (now known as Lake Shore Realty Limited), as per recent regulatory filings.

Al Maha Investment Fund's Acquisition

Al Maha Investment Fund PCC, through its Onyx Strategy, has acquired 13,43,741 equity shares of Lake Shore Realty Limited, representing a 38.38% stake in the company. This acquisition was made through a share purchase agreement dated May 30, 2025, as disclosed under SEBI regulations for substantial acquisition of shares and takeovers.

Indigo Infracon's Stake

In a parallel move, Indigo Infracon Private Limited has also acquired a significant portion of Lake Shore Realty. The company purchased 5,75,889 equity shares, accounting for 16.45% of the total shareholding. This acquisition was made under the same share purchase agreement dated May 30, 2025.

Combined Majority Stake

The combined acquisitions by Al Maha Investment Fund and Indigo Infracon amount to a total of 19,19,630 shares, representing approximately 54.83% of Lake Shore Realty Limited. This gives the two entities a controlling interest in the company.

Regulatory Compliance

Both Al Maha Investment Fund and Indigo Infracon have duly filed their disclosures under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These disclosures were submitted to the BSE Limited on July 31, 2025.

Promoter Status

It's noteworthy that both Al Maha Investment Fund and Indigo Infracon are identified as promoters of Lake Shore Realty Limited in their respective filings. This status suggests that they may play a significant role in the company's future strategic decisions.

Implications for Lake Shore Realty

This substantial change in ownership structure could potentially lead to new directions for Lake Shore Realty Limited. As the company transitions from its former identity as Mahaan Foods Limited to a real estate-focused entity, the expertise and resources of the new major shareholders may influence its future operations and market position.

Investors and market watchers will likely keep a close eye on Lake Shore Realty Limited to observe any changes in business strategy or management that may follow this significant shift in ownership.