S H Kelkar Sells 17% Stake in CFF Keva Italy for Up to €12.5 Million
S H Kelkar will sell its 17% stake in CFF Keva Italy S.p.A. to Keva Italy Srl for up to €12.5 million. The deal aims to streamline group structure. CFF's revenue was ₹358.04 crore in FY25, contributing 16.86% to consolidated revenue. The sale is expected to complete by September 30, 2026.
The divested subsidiary contributed a significant portion (16.86%) to the consolidated revenue and 7.42% to the consolidated net worth in the last financial year. The sale consideration is also substantial at up to €12.5 million. This impacts the group's structure and financial reporting.
The sale is a strategic move to streamline the group structure. While it involves a subsidiary, the financial contribution of the subsidiary to the consolidated entity is significant, and the transaction is being conducted at arm's length. The sentiment is neutral as it is a structural change rather than a significant financial gain or loss.
S H Kelkar and Company Limited has announced the approval by its Board of Directors for the sale of its entire 17% equity stake in CFF Keva Italy S.p.A. (CFF) to Keva Italy Srl. The transaction, which commenced board discussions on March 13, 2026, is aimed at streamlining the Keva Group structure by consolidating European group companies under Keva Europe BV.
Following the sale, CFF will cease to be a direct subsidiary of S H Kelkar, with Keva Italy's stake in CFF increasing to 100%, making CFF a wholly owned subsidiary of Keva Italy, Keva Europe BV, and ultimately S H Kelkar. The agreement for sale is expected to be executed on or before September 30, 2026, with the completion of the sale anticipated by the same date.
For the financial year ended March 31, 2025, CFF Keva Italy S.p.A. contributed Rs. 358.04 Crores to the consolidated revenue from operations of S H Kelkar, representing 16.86% of the total. Its net worth as of the same date was Rs. 94.35 Crores, accounting for 7.42% of the consolidated net worth. The consideration for the sale is up to Euro 12.5 Million. Keva Italy Srl is a wholly owned subsidiary of Keva Europe BV, which is in turn a subsidiary of S H Kelkar. The transaction is classified as a related party transaction but will be conducted on an arm's length basis.
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S H Kelkar and Company Limited filed this with the NSE as a statutory disclosure, categorised under other corporate actions. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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