Subsidiary update: shareholding in the subsidiary rises from 50% to 75%

Shreenath Paper Industries Private Limited (SPIPL) has become a subsidiary of the company with effect from September 24, 2026.

Sat 3 Oct 2026

Shareholding before increase

50%

Shareholding after increase

75%

Effective date of subsidiary status

September 24, 2026

Subsidiary business

manufacturing and sale of sublimation paper

Manufacturing facility location

GIDC, Sarigam, Gujarat

What the update says

This is a further update to the exchange in continuation of three earlier disclosures — the incorporation of Shreenath Paper Industries Private Limited (SPIPL), the approval for acquisition of its equity shares, and the completion of that acquisition.

• SPIPL has become a subsidiary of the company with effect from September 24, 2026.
• This happened after the company's shareholding in SPIPL increased from 50% to 75%.
• SPIPL had already commenced its business operations before becoming a subsidiary.
• SPIPL is presently engaged in the manufacturing and sale of sublimation paper from its manufacturing facility at Plot No. 3810 to 3821, Near Super Gas Co., GIDC, Sarigam, Gujarat.
• Consequent upon SPIPL becoming a subsidiary, SPIPL's financial information, from the date on which it became a subsidiary, is considered for consolidation in the company's consolidated financial statements, in accordance with applicable accounting standards and regulatory requirements.
• The company states it will make the requisite disclosures relating to its consolidated financial results in accordance with the applicable provisions of the SEBI LODR Regulations.

The numbers in the update

• 50% — the company's shareholding in SPIPL before the increase.
• 75% — the company's shareholding in SPIPL after the increase, with effect from September 24, 2026.

These are the two figures disclosed in the update. The update does not state any purchase consideration, revenue, profit or asset figures for SPIPL.

Why the change in shareholding matters

A shareholding of 75% means the company now holds a clear majority of SPIPL's equity, and SPIPL is described in the update as a subsidiary company of the company. Along with that status, SPIPL's financial information is now considered for consolidation in the company's consolidated financial statements from the date it became a subsidiary.

For a reader, the practical takeaway is that SPIPL's manufacturing and sale of sublimation paper will form part of the group's consolidated numbers going forward, and the company has said it will disclose its consolidated financial results as required.

What the update covers

• The status of SPIPL as a subsidiary with effect from a stated date.
• The change in the company's shareholding in SPIPL from 50% to 75%.
• The business SPIPL is engaged in and where its manufacturing facility is located.
• The treatment of SPIPL's financial information in the company's consolidated financial statements.

The sequence of disclosures referenced

• Disclosure dated July 10, 2026 — regarding incorporation of SPIPL.
• Disclosure dated September 19, 2026 — regarding approval for acquisition of equity shares of SPIPL.
• Disclosure dated September 24, 2026 — regarding completion of acquisition of equity shares of SPIPL.
• The present update is a further update in continuation of the above.

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