New Delhi, Oct. 29 -- A non-banker lender is set to acquire a stationary maker, while a sugar-mill owner is looking to diversify into financial services, according to recent exchange filings.

Other notable deals announced through October 28 exchange filings included a business conglomerate strategising to grow its chemicals business through four acquisitions, and a private-equity firm backed pharma company planning to buy a US-based, pre-revenue company.

Authum-BIC Cello

Mumbai-based non-bank lender Authum Investment and Infrastructure on Tuesday announced that it will acquire 100% stake in stationery products maker BIC Cello, according to a regulatory disclosure reviewed by VCCircle.

The deal is valued at an enterprise value of Rs 153.34 crore (around $17.4 million).

BIC's topline in FY25 declined nearly 30% to Rs 353 crore, down from about Rs 500 crore in FY23. The company has reported a downturn in revenue for two consecutive years.

Dhampur Sugar-Venus India

Dhampur Sugar Mills, in a strategic move, has entered the financial services space by acquiring a 51% stake in Venus India Asset-Finance, a Base Layer NBFC registered with the Reserve Bank of India (RBI), according to a disclosure reviewed by VCCircle.

Base Layer NBFCs are those with assets under Rs 1,000 crore which can offer loans and account-aggregation services among others, but cannot accept public deposits.

The board approved the purchase of 4.73 crore shares for approximately $5.5 million (nearly Rs 50 crore) from Venus India Structured Finance Master, which is currently under liquidation.

The NBFC, which provides short- and medium-term loans, reported a net worth of Rs 228.18 crore, turnover of Rs 42.2 crore, and PAT of Rs 14.94 crore in FY25.

Dhampur is diversifying its revenue streams, tapping into high-margin financial services. The company currently derives most of its revenue from sugar and ethanol production.

Additionally, Goel Investments, part of Dhampur's promoter group, will acquire an additional 45% stake in Venus India. The deal is subject to RBI approval, given the change in ownership, control, and board composition.

DCM Shriram

Conglomerate DCM Shriram has approved the acquisition of four Gujarat-based industrial salt companies - Shree Raj Salt and Chemical Works, Devjagan Salt Farm, Maruti Salt Farm, and Manek Salt Works - for a combined Rs 175 crore (nearly $20 million) in a strategic move to strengthen its chemical business, as per a regulatory disclosure.

The deal includes 1,077 acres of salt lease land, enabling backward integration into raw material sourcing for its chemical operations. The acquisition, structured as a cash transaction, is subject to adjustments under the Definitive Agreement and is expected to close by June 2026, pending regulatory approvals and transfer of salt lease and manufacturing licenses.

Rubicon Research-Neuronasal

General Atlantic-backed pharma firm Rubicon Research has signed a stock purchase agreement with Neuronasal, a US-based clinical-stage company focused on treatments for central nervous system (CNS) disorders, according to a disclosure reviewed by VCCircle.

The deal is valued at up to $2.5 million (around Rs 22 crore), and will be executed in a tranches, with Rubicon potentially acquiring up to 10.5% of Neuronasal's common stock, subject to milestone achievements.

Founded in January 2014 and headquartered in Wexford, Pennsylvania, Neuronasal is a pre-revenue company with no turnover reported over the past three years, per the disclosure.

Published by HT Digital Content Services with permission from VC Circle.