Infra.Market's size against Shalimar Paints, the listed company it is using
Infra.Market uses Shalimar Paints, 36 times smaller, to list
Amidst the current IPO fiasco in India, a company, Infra.Market, is taking a rather unusual route to the bourses, aka backdoor listing!
It was last valued at around ₹25,000 crore and had already received SEBI observations for a ~₹5,000 crore IPO.
Instead, it is using Shalimar Paints, where it already owns 52.85%, to acquire a stake in its parent, Hella Infra Market.
₹10,440 crore worth of shares + CCPS are to be issued by Shalimar Paints, which will lead to 93% of potential ownership of Shalimar's fully diluted equity by participating Hella Infra Market shareholders, along with a ₹1,000 crore proposed QIP.
So, a ~₹25,000 crore private business is using a listed company worth just ~₹700 crore before the deal as its route to the public markets.
Would be worthwhile to see how a ~36x difference in size will be accommodated by the markets post the transaction.
A ₹694 crore paint company will issue ₹10,440 crore of shares to list Infra.Market
Instead of its SEBI-cleared IPO of about ₹5,000 crore, Infra.Market is swapping into Shalimar Paints, which it already controls with 52.85%.
₹ CRORE
About 36x smaller than the business it will carry
Market value at the NSE close of ₹82.90 on 12 August 2026, the night the board approved the deal. All swap securities are priced at ₹85. Shareholders approved it on 11 September.
Shalimar Paints EGM notice and corrigendum; NSE · Aug to Sep 2026
Shalimar’s public shareholders go from 25% of the company to 1.6%
Who owns Shalimar Paints today, and on a fully diluted basis once the swap shares and CCPS are issued. Hella Infra Market’s shareholders end up with 93%.
% OF SHALIMAR PAINTS
1.59%, before any QIP
Fully diluted on 132.0 crore shares. Other promoters and Other Hella holders are derived from the corrigendum’s tables. A ₹1,000 crore QIP at ₹85 would add about 8%.
Shalimar Paints EGM corrigendum, 3 Sep 2026 · 30 Jun 2026 and post-deal