Mukka Proteins fixes SESPL stake at 46% for Rs 2.13 crore

Mukka Proteins Limited has revised its proposed investment in Swaccha Eco Solutions Private Limited (SESPL), approving up to Rs 2.13 crore in cash for 85,200 shares and a 46% holding, with completion indicated by March 31, 2027. The board approved the revised terms on November 7, 2026.

What has Mukka Proteins approved for SESPL?

Mukka Proteins has approved the acquisition and/or subscription of 85,200 SESPL equity shares for consideration not exceeding Rs 2.13 crore. The November 7, 2026 decision allows the transaction to be completed in one or more tranches, while the announced post-acquisition shareholding is 46%.

SESPL shares have a face value of Rs 10 each and the disclosed acquisition price is Rs 250 per share. Mukka Proteins said consideration will be paid in cash, and the 85,200 shares at that price account for the stated maximum consideration of Rs 2.13 crore.

The filing follows Mukka Proteins' earlier exchange intimations dated August 12, 2026 and August 20, 2026 concerning a strategic investment in SESPL. Although the November 7 filing revises the proposal, it does not disclose the earlier share count, investment amount or proposed ownership percentage.

What does the revised SESPL ownership structure mean?

Mukka Proteins is set to hold 46% of SESPL after the proposed acquisition or subscription of 85,200 shares. The disclosure does not say that Mukka Proteins will obtain control, and it describes the outcome as post-acquisition shareholding rather than a full acquisition.

The remaining 54% of SESPL's issued and paid-up equity capital would be outside Mukka Proteins' announced holding, based on the disclosed 46% stake. The filing does not identify the holders of that balance or provide a schedule for individual tranches before the March 31, 2027 completion date.

Mukka Proteins reported that the transaction is not a related-party transaction. It also listed no governmental or regulatory approvals as applicable, although the disclosed completion date of March 31, 2027 remains indicative.

What are SESPL's latest financial figures?

SESPL reported turnover of Rs 1.78 crore, a loss after tax of Rs 75.05 lakh and negative net worth of Rs 2.10 crore for FY 2025-26. These target-company figures are separate from Mukka Proteins' maximum cash consideration of Rs 2.13 crore.

SESPL's turnover fell to Rs 1.78 crore in March 2026 from Rs 2.78 crore in March 2025, reversing the increase from Rs 1.44 crore in March 2024. The latest reported annual turnover was therefore lower than the preceding year's Rs 2.78 crore by Rs 1 crore.

SESPL was incorporated on September 12, 2017 and has a presence in India, according to the disclosure. Its stated line of business is the collection, treatment and disposal of all types of waste, while Mukka Proteins identifies itself as a manufacturer and exporter of steam-dried fish meal, fish oil and fish soluble paste.

Why is Mukka Proteins investing in SESPL?

Mukka Proteins said the proposed investment is part of its strategic plans to expand its waste-management segment. SESPL's stated activity of collecting, treating and disposing of all types of waste is the business area identified for that expansion.

The November 7, 2026 filing does not quantify expected revenue, profit, capacity or cost benefits from the proposed 46% stake. It also does not disclose waste-processing volumes, customer contracts, financing details beyond cash consideration, or financial forecasts for SESPL.

The investment is described as a strategic investment rather than an acquisition of SESPL's entire business. SESPL's FY 2025-26 turnover of Rs 1.78 crore, loss after tax of Rs 75.05 lakh and negative net worth of Rs 2.10 crore are the operating and financial details provided alongside the transaction terms.

When is the SESPL transaction expected to close?

Mukka Proteins has set March 31, 2027 as the indicative completion date for the SESPL transaction. The timeline follows board approval on November 7, 2026 and covers the proposed acquisition or subscription of 85,200 shares in one or more tranches.

The board meeting on November 7, 2026 commenced at 11:35 a.m. and concluded at 11:55 a.m. The intimation was issued under Regulation 30 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.

No applicable governmental or regulatory approval was listed for the transaction. However, Mukka Proteins did not disclose the timing, size or conditions of individual tranches, so the filing does not establish when cash will be deployed before the March 31, 2027 indicative date.

Conclusion

Mukka Proteins has set defined revised terms for its SESPL investment: up to Rs 2.13 crore in cash, 85,200 shares at Rs 250 each and a 46% post-acquisition stake. The transaction supports its stated plan to expand the waste-management segment, while SESPL reported FY 2025-26 turnover of Rs 1.78 crore, a Rs 75.05 lakh loss after tax and negative net worth of Rs 2.10 crore.

The next disclosed milestone is the indicative completion date of March 31, 2027. Investors should watch for a completion announcement, details of any tranches and any further disclosure on the revised investment's funding or SESPL's operating performance.