Popees Baby Care India Ltd approved a ₹511.33-crore share-swap deal to acquire Popees Baby Care Products Ltd. Managing Director Shaju Thomas said, “This proposed share-swap transaction marks an important milestone in Popees’ growth journey.” The brand now plans to expand across India and the GCC, targeting 1,000 stores in four years.
Popees Baby Care India Ltd (formerly Hari Govind International Ltd) has approved a ₹511.33-crore share-swap transaction to acquire a 99.31 per cent stake in Popees Baby Care Products Ltd.
The transaction marks a strategic move to align the Popees brand and its operating business with the listed entity, providing access to capital markets to support its expansion plans, said a press release.
Shaju Thomas, Managing Director, said: “This proposed share-swap transaction marks an important milestone in Popees’ growth journey. With a diversified product portfolio, manufacturing capabilities across three states and a brand built over more than two decades, we are well positioned to reach more families across India.”
As part of the share-swap arrangement, Popees Baby Care India will issue up to 2,60,44,323 equity shares and 98,53,471 fully convertible warrants, aggregating approximately ₹511.33 crore. The warrants will be convertible into equity shares within 18 months of allotment.
Following the proposed transaction, the promoter holding in the listed entity is expected to stand at 69.63 per cent.
The board has also approved a proposal to increase the authorised share capital of Popees Baby Care India from ₹10.25 crore to ₹47 crore, subject to shareholder approval.
The proposed acquisition and preferential issue are subject to shareholder and other applicable regulatory approvals. The transaction will be placed before shareholders for approval at the extraordinary general meeting scheduled for November 18, 2026, along with the requisite stock exchange approvals.
1,000 stores target
Popees plans to take its product range to a wider national market beyond South India, with a target of building a network of 1,000 stores over the next four years, alongside plans to enter GCC markets. Its existing manufacturing network provides the foundation for this rollout without an immediate need for major additional capital expenditure.
Established in 2003, Popees is a Kerala-based integrated baby care and kidswear brand. The company operates three manufacturing facilities across Kerala, Karnataka and Tamil Nadu, with a combined installed production capacity of approximately nine lakh sets per month.
The company reported revenue from operations of ₹161.93 crore in FY26, up 19.7 per cent from ₹135.30 crore in FY25.