STSizemasters Technology513496Acquisition deal news

Board approves buying 60% of Ankita Innovations for ~Rs. 1.02 crore in cash

Board approved acquiring 7.86 lakh equity shares, or 60% of Ankita Innovations & Technologies (I) Private Limited, from its existing shareholders for ~Rs.

By ScoutQuest · Sat 31 Oct 2026, 9:32 PM IST · 2 min read

Stake Acquired

7.86 lakh equity shares, or 60% of Ankita Innovations & Technologies (I) Private Limited

Consideration

~Rs. 1.02 crore in cash

Target Business / Location

painting and coating services; plant at Sanand GIDC, Gujarat

What the company told the exchanges

The Board of Sizemasters Technology Ltd, at its meeting on October 31, 2026, approved an investment by way of acquisition of 7.86 lakh equity shares, equal to 60% of the paid-up share capital of Ankita Innovations & Technologies (I) Private Limited. The shares are being bought from the company's existing shareholders, Mr. Shankar Gaikwad and Mrs. Kavita Gaikwad. The deal creates a holding-subsidiary relationship between the two companies.

Price and payment

• Consideration is ~Rs. 1.02 crore (Rupees One Crores Two Lakh Eighteen Thousand Only), based on a valuation report from M/s GMKS & Co. Chartered Accountants.
• The nature of consideration is cash; this is not a share swap.
• A Share Purchase Agreement dated October 31, 2026 has been executed, and the period for completion of the acquisition is defined in that agreement.

What is being bought

Ankita Innovations & Technologies (I) Private Limited was incorporated on October 15, 2024 and is registered with the Registrar of Companies, Pune. It is in the business of all kinds of painting and coating services, including spray painting, powder coating, and specialised coatings such as high performance, anti-corrosive, heat-resistant and fireproof coatings for industrial, commercial and domestic use. It also covers import, export, distribution and sale of raw materials, machinery, equipment and finished products in areas like engineering, electromagnetic devices, mould-making, injection moulding and fabrication. Its manufacturing facility is at E-168, Sanand II, GIDC, Sanand, Gujarat-382110, and it commenced business from October 15, 2024.

Reason given for the deal

The stated primary reason is to expand the business and explore new business opportunities for the company in a different sector. Painting and coating services are outside the listed company's own line of manufacturing activity as described in the update.

Points a retail investor may note

• Not a related party: the target company is stated not to be a related party of the company, its promoter or its directors.
• No regulatory approval is required for the acquisition, as per the update.
• Control: with 60% of the paid-up capital, the target becomes a subsidiary, so its accounts would be consolidated with the listed company's.
• Cash outflow: the full ~Rs. 1.02 crore is payable in cash, so it is a cash-funded acquisition rather than an issuance of shares.
• Early-stage business: the target was incorporated on October 15, 2024 and commenced business from the same date, so it is a young venture.

How to read this

The announcement sets out the size, price, seller names and the resulting subsidiary relationship. The perception it creates depends on how investors weigh a cash-funded entry into an unrelated services sector against the stated aim of expanding business and finding new opportunities.

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