Fragrance maker SH Kelkar and Company Ltd on Friday (March 13) announced that its board has approved the sale of its entire 17% equity stake in CFF Keva Italy SpA to Keva Italy Srl, a wholly-owned subsidiary of Keva Europe BV, by September 30, 2026.
The transaction aims to streamline the Keva Group structure, ensuring all European subsidiaries are fully owned through Keva Europe BV. Following the sale, Keva Italy’s stake in CFF will rise from 83% to 100%, making CFF a wholly-owned subsidiary of Keva Italy, and in turn of Keva Europe BV and SH Kelkar.
Revenue from operations of CFF for FY25 was ₹358.04 crore, contributing 16.86% to SH Kelkar’s consolidated revenue. CFF’s turnover of ₹358.03 crore accounted for 16.95% of the company’s consolidated turnover, while its total income of ₹359.40 crore represented 16.74% of consolidated total income. The subsidiary’s net worth of ₹94.35 crore contributed 7.42% to the consolidated net worth of SH Kelkar.
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The sale consideration is expected to be up to €12.5 million, approximately ₹112.5 crore. Keva Italy Srl, incorporated in November 2019 as part of Keva’s international strategy, is not part of the promoter or promoter group, though the transaction qualifies as a related-party deal under SEBI regulations and will be conducted at arm’s length.
The agreement is set to be executed and completed on or before September 30, 2026. SH Kelkar confirmed that the transaction falls outside any slump sale or scheme of arrangement.
Shares of SH Kelkar and Company Ltd ended at ₹121.20, down by ₹8.05, or 6.23%, on the BSE today, March 13.
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(Edited by : Shoma Bhattacharjee)
First Published: Mar 13, 2026 8:51 PM IST
