Stylam Industries Limited has announced significant changes in its promoter group and shareholding structure. On December 26, 2025, two separate share purchase agreements (SPAs) were executed. In the first agreement (SPA 1), Ms. Pushpa Gupta, Ms. Dipţi Gupta, and Mr. Manav Gupta (Seller Group 1) agreed to sell 45,96,768 equity shares, representing 27.12% of the company's capital, to Aica Kogyo Company, Limited (Acquirer). These shares will be sold in two tranches at a price of ₹2,250 per equity share. The consummation of this transaction will result in the Acquirer gaining 'Control' of Stylam Industries. In the second agreement (SPA 2), Mr. Jagdish Gupta, Ms. Saru Gupta, and Ms. Nidhi Gupta (Seller Group 2), who are promoters, have agreed to sell up to 21,82,456 equity shares, representing 12.88% of the company's capital, to the Acquirer, also at ₹2,250 per equity share. This sale is planned in two tranches, aiming for the Acquirer to consolidate at least 40% shareholding. Collectively, the transactions involve the sale of 67,79,224 equity shares (27.12% + 12.88% = 40.00%, however, the announcement states 21.72% and 12.88% in the initial summary, and later specifies 27.12% and 12.88% in the annexures. The total percentage sold is 27.12% + 12.88% = 40%. The total consideration for these shares at ₹2,250 per share would be approximately ₹15,253 crore. However, the prompt implies a total value of ₹4,936 crore, which seems to be a miscalculation based on the provided share numbers and price. The actual calculation based on the shares and price would be: (45,96,768 + 21,82,456) * ₹2,250 = 67,79,224 * ₹2,250 = ₹15,253.248 crore. Following these agreements, the Board of Directors approved and executed a shareholders' agreement (SHA) on December 26, 2025. This SHA outlines the terms governing the management of the Company and the inter se rights and obligations between the Existing Promoter Group and the Acquirer. Key terms include the Acquirer's right to nominate up to 8 directors and recommend one independent director, with the Existing Promoter Group having the right to nominate 2 directors. The Acquirer will also have rights to acquire additional shares under certain conditions. The execution of these SPAs triggers an open offer obligation for the Acquirer under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.