Board Meeting Details
The Board of Directors meeting was held on Friday, 05th June 2026, commencing at 5:00 PM (IST) and concluding at 6:00 PM (IST).
Acquisition Approval
The Board considered and approved the proposal for acquisition of equity shares of Play Panda Private Limited. The approval is subject to:
- Completion of due diligence
- Execution of definitive agreements
- Receipt of statutory and regulatory approvals as may be required
Acquisition Terms
The Company shall acquire 50% of the paid-up equity share capital of Play Panda Private Limited for a consideration and on terms and conditions to be finalized by the Board.
Transaction Details from Annexure
Target Entity: Play Panda Private Limited
Incorporation Date: 29th May 2026
Related Party Status: No, this transaction does not fall within related party transactions. The promoter, promoter group, and group companies have absolute zero interest in Play Panda Private Limited.
Transaction Basis: Executed entirely at an arm's length basis via a signed binding term sheet
Industry Segment: Educational Toys, STEM Learning Aids, and Board Games segment
Strategic Rationale: Horizontal Integration. The strategic acquisition expands the listed entity's existing market share, product assortment, category expansion, and enlarges its overall product portfolio in the rapidly expanding domestic educational toys, early childhood developmental aids, and art & craft verticals.
Government Approvals: No governmental, regulatory, or statutory approvals are required for this transaction.
Completion Timeline: Within 3 months from the date of executing the term sheet, subject to the finalization of due diligence and execution of definitive agreements.
Consideration: 100% Cash Consideration, in tranches
Cost of Acquisition: Up to ₹4.5 crore rupees to be paid in tranches and finalized upon the successful completion of the financial due diligence
Shareholding Acquired: 50% equity shareholding and joint management control
Play Panda Business Profile
Core Sector: Premium, screen-free educational toys, cognitive learning games, and development aids for children (ranging from infants to elementary-age students)
Key Product Categories:
- Magnetic Puzzles & Educational Kits: High-utility kits linking geometric shapes, spelling aids, alphabets, and specialized flashcards with durable magnetic surfaces
- STEM & Cognitive Development Puzzles: Focuses on spatial and logical building blocks, pattern-matching grids, tangrams, and large educational floor puzzles
- Art & Craft: Open-ended creative activity products designed to build fine motor skills
- Candy Crew: Child-safe sub-brand dedicated to early infant and toddler tactile development
Geographic Base: India (Registered corporate office and production facility based at Chinchoti, Vasai East, Greater Mumbai region, Maharashtra)
Distribution Channels: Multi-channel retail presence via e-commerce platforms (Amazon, Flipkart, FirstCry) and brick-and-mortar toy retail chains (Hamleys India)
Management: Established in 2015 by Ashok Saigal and Tusshar Saigal (CEO). Products engineered by designers from premier institutes like the National Institute of Design (NID) and IIT's Industrial Design Centre (IDC).
Operational Scale: Operating as a lean, bootstrapped, domestic-centric manufacturing business with strong design equity competing in India's organized toy landscape.
Financial History: History of the last 3 years' audited turnovers is being verified under current due diligence schedules to finalize closing financial disclosures.