Lake Shore Realty Limited, formerly known as Mahaan Foods Limited, has announced a major shareholding change following the signing of a Share Purchase Agreement (SPA) between its promoters and two external acquirers. The promoters have agreed to sell 19,19,630 equity shares, representing 54.84 percent of the paid-up capital of the company, to AI Maha Investment Fund PCC – ONYX Strategy and Indigo Infracon Private Limited.

The transaction was formalised on 30 May 2025, as per the intimation received by the company on 2 June 2025. The shares will be sold at a negotiated price of Rs 57.51 per share, subject to the terms and conditions laid down in the SPA.

Promoters Exiting

The selling promoter shareholders include Sanjeev Goyal (Managing Director), Saloni Goyal (Director), Aditya Goyal, Sanya Goyal, Sanjeev Goyal – HUF, and Priyanka Sethi of the promoter group. Post the transaction, they will cease to hold shares or exert control over the management or affairs of the company. This effectively results in a complete exit of the current promoter group from Lake Shore Realty Limited.

Acquirers and Their Role

The acquirers, AI Maha Investment Fund PCC – ONYX Strategy and Indigo Infracon Private Limited, are currently unrelated to the company and hold no existing stake. They are expected to acquire the controlling stake and in accordance with Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, will be required to make an open offer to the remaining public shareholders.

This offer ensures that public investors are given an exit opportunity and maintains transparency under SEBI’s mandatory takeover code.

Key Deal Details

According to the disclosure made to BSE Limited, the following are the significant terms of the SPA:

• Date of agreement: 30 May 2025

• Number of shares to be acquired: 19,19,630

• Percentage of paid-up capital: 54.84 percent

• Price per share: Rs 57.51

• Total implied consideration: Approx. Rs 11.06 crore

This acquisition will change the controlling interest in Lake Shore Realty. The incoming acquirers are expected to nominate new directors, subject to compliance with SEBI and stock exchange regulations.

Regulatory Compliance and Transparency

The company has filed the necessary information under Regulation 30 and Regulation 30A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11 November 2024. These disclosures ensure transparency in transactions that may affect the interests of public shareholders.

Importantly, the company itself is not a party to this agreement. Instead, the SPA has been entered into between the selling promoter shareholders and the acquirers, independent of any operational change from the company’s end.

No Related Party Deal

The company confirmed that the acquirers are not related to any existing promoters, group companies, or affiliates. Hence, this deal does not qualify as a related party transaction, and there is no conflict of interest cited in the SPA. Also, there is no impact on the existing liabilities of the company, nor are there restrictions or penalties arising from this agreement.

There are no additional clauses involving board nominations, rescissions, amendments, or other obligations that affect company operations directly, based on current disclosure.

Strategic Outlook

The acquisition could potentially usher in a new growth phase for Lake Shore Realty, with fresh capital, new strategic direction, and management expertise from AI Maha and Indigo Infracon. While the exact business plan or strategic intent of the acquirers has not been made public, such a large stake suggests a strong commitment to the future of the company.

The public shareholders should closely watch the developments around the open offer, as it will determine the price and timing of any exit opportunity, should they wish to tender their shares.

Conclusion

This deal marks a significant milestone for Lake Shore Realty Limited. It not only brings about a change in ownership and control, but also reflects the increasing interest of investment funds and private equity in Indian real estate and infrastructure sectors. The completion of this transaction and subsequent open offer process will be keenly observed by investors, regulators, and market analysts alike.

The Upcoming IPOs in this week and coming weeks are Ganga Bath Fittings, Victory Electric Vehicles International, Wagons Learning.

The Current active IPO are 3B Films

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.