Pajson Agro India Limited Approves ₹354.52 Crore Acquisition

Pajson Agro India Limited approved the acquisition of 100% of UAE-based Pacific Global FZCO for ₹354.52 crore on November 4, 2026, using a preferential share swap of up to 1.21 crore equity shares at ₹294 each. The proposal requires shareholder approval at an Extra-Ordinary General Meeting on December 4, 2026.

What did Pajson Agro approve on November 4, 2026?

Pajson Agro approved an agreement to acquire the entire equity share capital of Pacific Global FZCO, a UAE-incorporated cashew processing and trading business. The board approved the transaction at its November 4 meeting under the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.

The purchase consideration is ₹354,51,69,120, or ₹354.52 crore, and will be settled without a cash payment through a preferential issue of equity shares. Pajson Agro may issue up to 1,20,58,397 fully paid-up shares at ₹294 per share to Pulkit Jain, Jayesh Bhagia and Parshva Jain. The proposed allotment is subject to shareholder approval at the December 4 EGM.

Pacific Global procures raw cashew nuts and processes them into kernels through subsidiaries. Its operations include Côte d'Ivoire, where it has installed capacity to process 60,000 metric tonnes of raw cashew nuts a year. Its products are sold across the US, Europe, the Middle East and China.

The board also proposed raising Pajson Agro's authorised share capital to ₹40 crore from ₹25 crore, subject to member approval. The proposed increase creates capacity for an additional 1.5 crore equity shares with a face value of ₹10 each. A Preferential Issue Committee has been constituted to complete documentation connected with the share-swap transaction.

What are Pacific Global's reported financials and operating details?

Pacific Global reported consolidated turnover of ₹104.18 crore for January through August 2026 and net worth of ₹351.20 crore as of August 31, 2026. The acquisition value is therefore slightly above the target's stated net worth, while its operating footprint would give Pajson Agro access to cashew processing assets outside India.

The target's reported turnover was AED 40.32 million for the eight-month period, while reported net worth was AED 135.92 million. Based on the disclosed eight-month turnover, the ₹354.52 crore consideration equals about 3.4 times the annualised revenue run rate. This is a run-rate comparison rather than a reported full-year revenue multiple.

The transaction is large relative to Pajson Agro's disclosed FY26 figures. The acquisition consideration exceeds the company's FY26 revenue of ₹256 crore and net worth of ₹149 crore. That comparison underlines the scale of the planned expansion, although completion remains dependent on shareholder approval and the subsequent allotment process.

How does the share swap affect Pajson Agro shareholders and operations?

The share-swap structure allows Pajson Agro to pursue the acquisition without an immediate cash outflow, but it will increase the number of outstanding shares if approved and completed. Existing shareholders will therefore hold a smaller proportion of the enlarged equity base after the preferential allotment.

Pulkit Jain is among the proposed allottees and is set to receive more than half of the newly issued swap shares, according to the disclosed transaction details. Investors will need to assess the ownership changes, the ₹294 issue price and the target's valuation when the company seeks approval at the EGM.

Operationally, Pacific Global would add overseas sourcing and processing capabilities to Pajson Agro's existing business. The target's UAE incorporation, Côte d'Ivoire processing operations and sales exposure across several export markets could broaden the combined company's geographic presence in cashew products.

The transaction also introduces execution considerations that are typical of cross-border acquisitions. These include integrating operations across the UAE and Côte d'Ivoire, maintaining raw-cashew procurement, and managing business activities across different overseas markets. Pajson Agro has stated that the acquisition is intended to strengthen its international market presence.

Why does the acquisition matter for Pajson Agro's growth strategy?

The acquisition matters because it combines a sizeable equity issuance with an overseas processing platform that has 60,000 MT of annual raw-cashew capacity. For Pajson Agro, the proposal is an expansion beyond domestic operations into a business serving customers in the US, Europe, the Middle East and China.

The target's net worth of ₹351.20 crore is close to the ₹354.52 crore transaction value, while its reported eight-month turnover was ₹104.18 crore. These disclosed figures will be central to shareholder assessment of whether the share-swap consideration reflects the target's financial position, operating capacity and international distribution reach.

For the broader food-processing sector, the deal illustrates how listed companies can use preferential share issuance to fund acquisitions rather than relying entirely on borrowing or internal cash. In this case, the arrangement preserves Pajson Agro's cash resources but changes its capital structure and requires shareholders to weigh expansion potential against dilution.

Conclusion

Pajson Agro has proposed a ₹354.52 crore all-share acquisition that would bring Pacific Global's UAE-linked cashew trading operations and Côte d'Ivoire processing capacity into its business. The transaction is significant against Pajson Agro's FY26 revenue of ₹256 crore and net worth of ₹149 crore, and it makes the target's valuation and planned equity issuance important considerations for investors.

The immediate event to watch is the EGM on December 4, 2026, where shareholders will vote on the acquisition, preferential issue and authorised capital increase. If approved, attention will shift to the preferential allotment timeline, stated to be expected within two to three months, and the progress of integrating the overseas operations.