ALAdishakti Loha and Ispat543377Stake acquisition deal

Board approves MOUs with Dream Media Network and Alvora Jewels; 3 independent directors resign

MOU with Dream Media Network Pvt Ltd to explore a strategic association, contemplating acquisition of up to 100% stake via share swap and/or equity issuance, based on an independent valuer's report.

By ScoutQuest · Thu 22 Oct 2026, 6:20 PM IST · 3 min read

Contemplated stake acquisition

up to 100% stake via share swap and/or equity issuance

Independent director resignations

3 independent directors resigned w.e.f. 21 October 2026

Board meeting date

Board meeting of 22 October 2026

What the board approved

Afloat Enterprises (formerly Adishakti Loha and Ispat) met on 22 October 2026 from 04:00 p.m. to 4:30 p.m. and approved a set of items covering board composition, two memoranda of understanding and a registered office shift.

MOU with Dream Media Network Private Limited

• The board approved the execution of an MOU with Dream Media Network Private Limited (DMNPL) to explore a potential strategic association.
• The MOU contemplates the acquisition of up to 100% stake in DMNPL through a share swap and/or equity issuance arrangement, based on the valuation report of the independent valuer.
• Consideration is to be discharged through issue and allotment of equity shares by the company to shareholders of DMNPL (or its nominees), pursuant to a share swap ratio derived from the independent valuer's report.
• Stated purpose: to synergise the business operations and digital reach of DMNPL with the corporate and investment expertise of the company.
• Governance terms: the company is to have the right to nominate directors on DMNPL's board in proportion to its shareholding, and, notwithstanding a shareholding below majority, affirmative rights equivalent to 100% control over reserved matters such as alteration of capital structure, related party transactions, change in business line, borrowings beyond agreed limits, merger/acquisition/divestment, and appointment or removal of key managerial personnel.
• The consideration stake is to be linked to financial performance benchmarks, operational growth metrics and the regulatory and statutory compliance track record, with detailed milestones to be documented in the definitive agreements.

MOU with Alvora Jewels and Gems Private Limited

• The board approved an MOU for the purchase and sale of jewellery and related products, on terms and conditions mutually agreed between the parties.
• Scope covers gold, bullion, precious metals and other metal products including jewellery, metal bars and coins, as agreed in writing.
• Neither party is obliged to undertake any minimum quantity or value of transactions unless specifically agreed in writing, and price for each transaction is determined by mutual agreement taking into account market price, purity, quantity, making charges, premiums and discounts.

Registered office

• Shifting from Plot 3, Shop 325, DDA C. CNTR, Aggarwal Plaza, Sec-14, Rohini, New Delhi, Delhi, India, 110085 to D-4, Basement, Jangpura Extension, South Delhi, New Delhi, India, 110014 — within local limits of ROC Delhi I, with immediate effect.

Board and committee changes

• The board took note of the resignation of three Non-Executive Independent Directors with effect from 21 October 2026: Ms. Swati Jain (DIN: 09436199), Mr. Kanwar Nitin Singh (DIN: 10204543) and Mr. Lovish Kataria (DIN: 06925922).
• Committees were reconstituted with effect from 21 October 2026. Audit Committee: Mr. Mohit Lochan (Chairman), Mr. Indrajeet Pradhan (Member), Ms. Ritika Bachhawat (Member). Nomination & Remuneration Committee: Mr. Indrajeet Pradhan (Chairman), Mr. Mohit Lochan (Member), Ms. Ritika Bachhawat (Member). Stakeholder Relationship Committee: Mr. Mohit Lochan (Chairman), Mr. Indrajeet Pradhan (Member), Ms. Ritika Bachhawat (Member).

What it means for investors

• The route is the MOU stage: the company has approved the execution of an MOU to explore the association, and the parties are to proceed to negotiate and execute a Share Swap / Share Subscription Agreement, a Shareholders' Agreement and any ancillary agreements for implementation.
• Valuation is to be done by an independent registered valuer under the Companies Act, 2013 and the Income-tax Rules, and a fair opinion from a SEBI-Registered Merchant Banker is to be obtained wherever required.
• The jewellery MOU sets out a framework for commercial transactions with no committed minimum quantity or value, and each transaction is to be documented separately.
• The resignations and committee rejig change who chairs the key committees; the new committee structure is effective from 21 October 2026.

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