Kalind Limited Withdraws Proposed Acquisition of DBJ Multi Services Private Limited

Kalind Limited has officially withdrawn from its proposed acquisition of DBJ Multi Services Private Limited, citing strategic and commercial considerations following an internal review. The company communicated this decision to the Bombay Stock Exchange on March 7, 2026, under Regulation 30 of the SEBI listing requirements. Transaction Details The proposed acquisition involved purchasing 50,00,000 fully paid-up equity shares of INR 10/- each from existing shareholders, representing complete ownership of the target company on a fully diluted basis. The transaction was initially disclosed by the company on February 28, 2026. Transaction Parameter: Details Target Company: DBJ Multi Services Private Limited Shares to be Acquired: 50,00,000 equity shares Share Value: INR 10/- each Ownership Stake: 100% on fully diluted basis Initial Disclosure Date: February 28, 2026 Strategic Decision The withdrawal decision emerged from an internal review and reassessment of the commercial and strategic considerations surrounding the transaction. The company has also decided not to proceed with the associated preferential issue of securities that was planned alongside the acquisition. Regulatory Compliance Kalind Limited fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The formal communication was signed by Ayush Dharmendrabhai Jasani, Vice Chairman & Managing Director, and submitted to the Bombay Stock Exchange. Company Information The disclosure was made to the Department of Corporate Services at Bombay Stock Exchange Limited, with Kalind Limited trading under BSE Scrip ID 526935. The company emphasized that it will not proceed further with either the acquisition or the preferential issue transactions. Kalind Limited (formerly Arunis Abode Limited) announced comprehensive corporate restructuring following its board meeting held on February 28, 2026, at the company's registered office in Surat, Gujarat. The meeting, which commenced at 1:00 p.m. and concluded at 2:40 p.m., addressed multiple strategic initiatives including a major acquisition, management changes, and enhanced financial capabilities under Regulation 30 of SEBI LODR Regulations. Strategic Acquisition of DBJ Multi Services The board approved the strategic acquisition of 100% equity stake in DBJ Multi Services Private Limited (DBJMSPL) for an aggregate consideration not exceeding ₹310 crores. The acquisition will be executed through a share swap mechanism involving the issuance of up to 2,58,00,000 fully paid-up equity shares at ₹120.00 per share. Parameter: Details Target Company: DBJ Multi Services Private Limited Acquisition Value: ₹310 crores Share Issuance: 2,58,00,000 equity shares Issue Price: ₹120.00 per share Business Sector: Civil services, construction, infrastructure Date of Incorporation: January 04, 1991 DBJMSPL operates in civil services including construction, building infrastructure, industrial projects, equipment hiring, and routine maintenance services. The target company's financial performance shows varying turnover figures across recent years. Financial Metrics: FY 23 FY 24 FY 25 Turnover (₹ thousands): 3128.07 941.85 3598.87 EBITDA (₹ thousands): 9136.15 4103.71 3235.78 Key Management Personnel Changes Significant changes occurred in the company's leadership structure with multiple resignations and new appointments across key positions, all effective February 28, 2026. CFO and Company Secretary Transitions Position: Outgoing Incoming Effective Date: Chief Financial Officer: Mrs. Preeti R. Mistry Mr. Vijay Palsingh Gulya March 01, 2026 Company Secretary: Ms. Poonam Khemka To be appointed - Reason: Personal reasons New appointment - Mr. Vijay Palsingh Gulya brings over 19 years of professional experience in financial management, taxation consultancy, and corporate governance. His expertise includes handling NCLT and ITAT cases, corporate restructuring, and wealth management. Auditor Appointments The board appointed new statutory and secretarial auditors following resignations of existing auditors. Auditor Type: New Appointment Previous Auditor Term: Statutory Auditor: M/s. D G K T & CO LLP M/s. JMMK & CO Until AGM for FY 2025-26 Secretarial Auditor: Ms. Riddhi Shah CS Nitin Sarfare 5 years (2025-26 to 2029-30) Registration: FRN: 151804W/W100761 FRN: 120459W ACS: 20168, COP: 17035 Enhanced Financial Capabilities The board approved substantial increases in various financial limits, significantly expanding the company's operational capacity to ₹1000 crores across multiple parameters. Financial Parameter: New Limit Borrowing Limits: ₹1000 crores Mortgage/Charge Limits: ₹1000 crores Investment/Loan Limits: ₹1000 crores Guarantee/Security Limits: ₹1000 crores Authorized Share Capital Expansion The company's authorized share capital will increase dramatically from ₹122 crores to ₹1000 crores, representing a substantial expansion in equity base. Share Capital Component: Previous Proposed Authorized Capital: ₹122 crores ₹1000 crores Number of Shares: 12.20 crores 100 crores Face Value: ₹10 per share ₹10 per share Upcoming Shareholder Approvals An Extraordinary General Meeting (EGM) has been scheduled for March 27, 2026, at 12:30 p.m. through video conferencing to seek shareholder approvals for the proposed resolutions. The cut-off date for determining eligible members is February 27, 2026, with remote e-voting commencing March 24, 2026, and concluding March 26, 2026. Committee Reconstitution The board approved reconstitution of various committees to ensure compliance with regulatory requirements. Committee: Chairman Members Audit Committee: Mr. Gaurav Luthra Mr. Vishal Patil, Mr. Ayush Jasani Nomination & Remuneration: Mr. Vishal Patil Mr. Gaurav Luthra, Mr. Dharmendrabhai Jasani Stakeholders Relationship: Mr. Vishal Patil Mr. Gaurav Luthra, Mr. Ayush Jasani Ms. Riddhi Shah has been appointed as Scrutinizer for conducting the e-voting process. These comprehensive changes position Kalind Limited for significant growth and enhanced operational capabilities, subject to shareholder and regulatory approvals. The company is in the process of appointing a new Company Secretary and Compliance Officer, with details to be announced in due course. We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better. Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. 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