Promoter Group Inter-se Transfer of 32,00,000 Shares (1.08%) Completed; No Change in Control

KAMA Realty (Delhi) Ltd has acquired 32,00,000 equity shares of SRF, about 1.08% of paid-up capital, from promoter KAMA Holdings Ltd via off-market inter-se transfer.

Fri 25 Sep 2026

Shares Acquired

32,00,000 equity shares

Stake Acquired

1.08% of paid-up capital

Average Price per Share

INR 2,530.12

Total Transaction Value

809,63,73,000

KAMA Holdings Stake Change

From 50.21% to 49.13%

What happened

KAMA Realty (Delhi) Limited has reported to the exchanges that it acquired equity shares of SRF Limited from KAMA Holdings Limited, its holding company, through off-market inter-se transfers within the promoter group.

• Shares acquired: 32,00,000 equity shares
• Stake acquired: 1.08% of paid-up equity share capital
• Seller: KAMA Holdings Limited
• Average price: INR 2,530.12 per share
• Total value: 809,63,73,000

Tranche-wise details

• 18.09.2026: 10,00,000 shares at 2536.00, value 253,60,00,000
• 21.09.2026: 9,95,000 shares at 2512.00, value 249,94,40,000
• 23.09.2026: 10,10,000 shares at 2538.30, value 256,36,83,000
• 24.09.2026: 1,95,000 shares at 2550.00, value 49,72,50,000

Pricing was on the basis of a methodology agreed between transferor and transferee under a Share Purchase Agreement dated 09.09.2026.

Shareholding change

• KAMA Realty (Delhi) Limited: from 0 shares (0%) to 32,00,000 shares (1.08%)
• KAMA Holdings Limited: from 14,88,45,000 shares (50.21%) to 14,56,45,000 shares (49.13%)

Why it matters

This is a movement of shares between entities of the same promoter group, not a sale to outside investors. The update states the transfers have not resulted in any change in the control, management or ultimate beneficial ownership of SRF Limited, that SRF continues to remain a subsidiary of KAMA Holdings Limited, and that the aggregate promoter and promoter group shareholding is unaltered.

The stated rationale for the transfer is to create self-sustainable profitability and facilitate business growth. The acquirer claims exemption from making an open offer under Regulation 10(1)(a)(iii) of the SEBI SAST Regulations, and prior intimation under Regulation 10(5) was shared on 9 September 2026.

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