Sizemasters approves 60% Ankita stake for Rs 1.02 crore

Sizemasters Technology Limited has approved a cash purchase of 7,86,000 equity shares, representing 60% of Ankita Innovations & Technologies (I) Private Limited, for Rs 1.02 crore. The October 31, 2026 board decision is intended to create a holding-subsidiary relationship and give Sizemasters a majority stake in a painting and coatings business.

What are the terms of Sizemasters' Ankita acquisition?

Sizemasters will acquire 7,86,000 equity shares, or 60% of the paid-up share capital, of Ankita Innovations & Technologies (I) Private Limited under the board approval dated October 31, 2026. The consideration is Rs 1.02 crore in cash rather than a share swap. Sizemasters said the price was based on a valuation report from GMKS & Co., Chartered Accountants.

The shares will be bought from the target's existing shareholders, Mr. Shankar Gaikwad and Mrs. Kavita Gaikwad. The 60% purchase results in a holding-subsidiary relationship between Sizemasters and the target, according to the filing. The announcement does not provide a separate share price or the terms applying to the balance 40% of the target's paid-up share capital.

What business does Ankita Innovations & Technologies (I) Private Limited operate?

Ankita Innovations & Technologies (I) Private Limited operates in painting and coating services, according to the October 31, 2026 disclosure. Its stated activities include spray painting, powder coating and specialised painting services. Those specialised categories include high-performance, anti-corrosive, heat-resistant and fireproof coatings for industrial, commercial and domestic sectors.

The target's stated objects also extend beyond coating applications. They include importing, exporting, distributing and selling raw materials, machinery, equipment and finished products in engineering, electromagnetic devices, mould-making, injection moulding, fabrication work and painting. The filing therefore describes activities covering coating services as well as products and equipment connected with several industrial fields.

Ankita Innovations & Technologies (I) Private Limited was incorporated in India on October 15, 2024 and is registered with the Registrar of Companies, Pune. It has a manufacturing facility at E-168, Sanand II, Gujarat Industrial Development Corporation, Sanand, Gujarat 382110, and commenced business from October 15, 2024. The disclosure provides no turnover figure for the target.

Why is Sizemasters buying a painting and coatings company?

Sizemasters says the primary reason for the 60% acquisition is to expand its business and explore new business opportunities in different sectors. The stated rationale concerns a target operating in painting and coatings, including services for industrial, commercial and domestic applications. The filing does not describe how the target's operations relate to Sizemasters' existing business.

The target's disclosed operations cover three end-market segments: industrial, commercial and domestic. Within those segments, the company lists high-performance, anti-corrosive, heat-resistant and fireproof coatings alongside spray painting and powder coating. The stated expansion therefore encompasses several coating applications rather than one identified product line or customer segment.

The proposed purchase would give Sizemasters a majority interest in a recently incorporated company. Ankita Innovations & Technologies (I) Private Limited was incorporated and commenced business on October 15, 2024, while Sizemasters approved the purchase on October 31, 2026. The board approval came two years and 16 days after the target's stated commencement date, although the filing does not disclose turnover or financial performance for that period.

Is the Ankita acquisition a related-party transaction?

No, Sizemasters states that Ankita Innovations & Technologies (I) Private Limited is not a related party of Sizemasters, its promoters or its directors. The disclosure does not identify any promoter-group or group-company interest in the target. The announced 60% stake is being acquired from Mr. Shankar Gaikwad and Mrs. Kavita Gaikwad.

The filing was made under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. Sizemasters also cited SEBI Circular CIR/CFD/CMD/4/2015 dated September 9, 2015 and Circular SEBI/HO/CFD/CFDPOD-1/P/CIR/2023/123 dated July 13, 2023 for the prescribed acquisition disclosures.

Sizemasters' board meeting began at 6:00 PM and concluded at 7:30 PM on October 31, 2026. The board approved the investment during that 90-minute meeting, and the annexure disclosed the Rs 1.02 crore cash consideration, 7,86,000-share purchase and resulting 60% holding. The filing does not disclose separate voting details or conditions attached to the approval.

When will Sizemasters complete the Ankita acquisition?

Sizemasters says the completion period is defined in the executed Share Purchase Agreement dated October 31, 2026. The company has not disclosed the actual completion date or a public timetable in its announcement. The board approval and signed agreement establish the transaction framework, but the filing does not state when the 7,86,000 shares will be transferred.

No governmental or regulatory approval is required for the acquisition, according to the disclosure. The consideration is specified as Rs 1.02 crore in cash, and the announcement does not describe a financing source, deferred payment schedule or post-completion operational integration plan. The disclosed mechanism is a share purchase under the October 31, 2026 agreement.

Conclusion

The proposed transaction gives Sizemasters a 60% interest in Ankita Innovations & Technologies (I) Private Limited for Rs 1.02 crore and establishes a holding-subsidiary structure. It is Sizemasters' stated move to expand into new business opportunities through a target whose activities cover painting, powder coating and specialised protective coatings for industrial, commercial and domestic sectors.

The next point to watch is completion under the Share Purchase Agreement executed on October 31, 2026. Sizemasters has said no regulatory approvals are needed, but has not disclosed the agreement's completion deadline, the target's turnover or a post-acquisition operating plan; those matters remain unresolved in the announcement.