Vaishali Pharma Adjusts Kesar Pharma Share Swap

Date: 18th June, 2026

Regulatory Compliance Clarification

Transaction Details

• The Company's members approved a special resolution through postal ballot on March 15, 2026
• The resolution authorized issuance of up to 61,23,000 equity shares of the Company on a preferential basis to Kesar Pharma Limited (KPL)
• Consideration was approved as non-cash, specifically via swap of shares of KPL
• The transaction involved acquisition by the Company of 21,52,575 equity shares of KPL
• Originally approved valuation: ₹56.89 per equity share of KPL

Valuation Discrepancy and Resolution

• The Registered Valuer's report determined the value of KPL equity shares at ₹56.79 per share
• This created a valuation difference of ₹0.10 per equity share
• To address NSE's observation and ensure alignment with the valuer's report:
• Kesar Pharma Limited will pay an aggregate differential amount of ₹2,15,258 in cash
• This amount represents ₹0.10 per share on 21,52,575 equity shares of KPL
• The transaction consideration stands adjusted to this extent

Confirmation

The Company confirms this adjustment ensures the transaction is undertaken in accordance with the valuation report and applicable regulatory requirements.