Nidhi Granites512103Stake acquisition deal

Board approves subscribing to rights issue of Jowela Exim; 50.50% stake to make it a subsidiary

The Board of Nidhi Granites has approved subscribing to the rights issue of Jowela Exim Private Limited, an unlisted private company.

By ScoutQuest · Wed 14 Oct 2026, 5:53 PM IST · 2 min read

Shares Subscribed: 16,00,000 equity shares of ₹10 each
Aggregate Consideration: ₹1.6 crore
Post-Issue Holding: 16,16,000 equity shares, equal to 50.50% of Jowela's post-issue paid-up equity share capital

Board approves subscribing to Jowela Exim rights issue

Nidhi Granites Limited has informed the exchange that its Board of Directors met on 14th October 2026 and approved the proposal to subscribe to the rights issue of Jowela Exim Private Limited, an unlisted private company.
The subscription is for 16,00,000 equity shares of face value ₹10 each, for an aggregate consideration of ₹1.6 crore.
The approval was given on the recommendation of the Audit Committee.

On allotment of these shares, the company's aggregate shareholding in Jowela will be 16,16,000 equity shares, representing 50.50% of Jowela's post-issue paid-up equity share capital.
On completion of the subscription and allotment, Jowela Exim Private Limited will become a subsidiary of Nidhi Granites Limited.
The stated object is to increase shareholding and acquire a controlling interest in Jowela.

Jowela Exim Private Limited is an unlisted private company incorporated in India, with its registered office in Borivali West, Mumbai, Maharashtra.
Its business is the manufacture, import and export of precious metal diamond studded jewellery, and dealing in precious metals, bullions, diamonds, and rough natural and lab grown diamonds.
Its turnover as on 31st March 2026 is stated as INR 743.54 crore.
The shares are being acquired at face value of ₹10 per equity share at the time of incorporation/subscription.

Nature of consideration: cash, INR 1.6 crore.
The transaction is expected to be completed by October end.
The update states that no material governmental approvals are required for the transaction.
As per the disclosure, the transaction does not fall within a related party transaction, and the promoter, promoter group and group companies of Nidhi Granites Limited do not have any interest in the entity.

This is a step where a listed company takes controlling stake in another company, which then gets consolidated as a subsidiary.
Whether this adds to the company's earnings will depend on how Jowela's business performs going forward.
The cash outflow for the subscription is ₹1.6 crore, against the target company's stated turnover of INR 743.54 crore as on 31st March 2026.

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