In a significant development for investors, Lake Shore Realty Limited (formerly Mahaan Foods Limited) has announced a substantial change in its shareholding pattern. On 2nd June 2025, the company disclosed that six members of the promoter and promoter group have entered into a Share Purchase Agreement (SPA) on 30th May 2025 with AI Maha Investment Fund PCC – ONYX Strategy and Indigo Infracon Private Limited.

This agreement involves the sale of 19,19,630 equity shares, representing 54.84% of the company’s paid-up equity share capital, at a negotiated price of ₹57.51 per share. The total value of the deal amounts to approximately ₹110.5 crore.

Who Are the Selling Promoters?

The sellers include:

• Mr. Sanjeev Goyal – Managing Director & Promoter

• Ms. Saloni Goyal – Director & Promoter

• Mr. Aditya Goyal – Promoter

• Ms. Sanya Goyal – Promoter

• Sanjeev Goyal (HUF) – Promoter

• Ms. Priyanka Sethi – Promoter Group Member

These individuals collectively held the controlling stake and will exit the company completely, thereby ceding control to the new acquirers.

Details of the New Acquirers

The acquirers — AI Maha Investment Fund PCC – ONYX Strategy and Indigo Infracon Private Limited — currently hold no shares in Lake Shore Realty and have no prior relationship with the company or its promoter group. The acquisition marks a fresh strategic entry into the real estate and allied segments.

As per regulatory guidelines, following the SPA, the acquirers will be required to make an open offer to the public shareholders to purchase the remaining shares under Regulation 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Highlights

• Date of Agreement: 30th May 2025

• Equity Shares Involved: 19,19,630

• Stake Size: 54.84%

• Price Per Share: ₹57.51

• Transaction Value: ~₹110.5 crore

• Nature of Deal: Strategic acquisition with change in control

• Related Party Transaction: No

• Effect on Management: Promoter group will completely exit management and ownership

Impact on Shareholding and Management

The transaction will lead to a complete exit of the current promoter group, and hence a change in management and control of Lake Shore Realty Limited. The company has clarified that the acquirers are not related to any current promoter, and the deal does not fall under the category of a related party transaction.

The SPA does not impose any financial or operational restrictions or liabilities on the company itself. However, once the open offer is completed and the new promoters assume control, it may lead to a strategic shift in the company’s business direction.

No Immediate Conflict or Board Nomination

As of now, the agreement does not indicate any immediate board restructuring or nominee appointments from the side of the acquirers. Also, there are no known conflicts of interest or side agreements disclosed in the filing.

Compliance and SEBI Regulations

The disclosure is made in accordance with:

• Regulation 30(2) and 30A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

• Clause 5A of Para A of Part A of Schedule III of the SEBI Listing Regulations

• SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024

The company has uploaded this information to its official website as well: www.mahaanfoods.com

About Lake Shore Realty Limited

Lake Shore Realty Limited, previously known as Mahaan Foods Limited, is based out of New Delhi and operates from its registered office in Worldmark 2, Aerocity. The company has undergone transformation in recent years, moving away from its traditional dairy and food business toward real estate and infrastructure sectors, thereby justifying its rebranding.

Future Outlook

This acquisition is expected to bring fresh strategic direction, potential capital infusion, and operational synergies from the acquirers. Investors and stakeholders are advised to monitor the upcoming open offer and any subsequent corporate announcements that may emerge from the new management team.

With the promoter group completely exiting, the upcoming months are crucial to understanding how the new leadership will steer the company’s vision, especially in a highly competitive real estate space.

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.