Rays Of Belief

Rays of Belief invested USD 2.0 million, about ₹19.19 crore, in its wholly owned subsidiary Mom’s Belief US Inc through a rights issue, with the shares acquired on 17 September 2026. The subscription was for 2 million shares at par of USD 1 per share in cash and left ownership at 100%, with the infusion forming part of the objects of the initial public offer set out in the prospectus dated 8 September 2026. Mom’s Belief US, incorporated on 4 April 2025, specialised in allergy and immunology healthcare services in the United States and reported turnover of USD 38,25,615 for the year to March 2026 against paid-up capital of USD 100. Rays of Belief listed on the BSE and the NSE on 8 September 2026 with post-issue capital of 2,09,01,682 shares of ₹10 each. Its March 2026 annual report reflected the acquisition of the US arm, with the acquired fixed assets recognised at 5% of original cost. Absolute revenue scale and mix were not disclosed in the annual report excerpt.

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LRSD Capital Pvt Ltd, formerly known as LRSD Securities Pvt Ltd, acquired 1,354,233 shares of Rays of Belief Limited through an IPO allotment, giving it and its persons acting in concert a 6.48% holding. RGSL Investment LVF 1 and Ritu Dua were named as persons acting in concert, while LRSD Capital was not part of the promoter group. Rays of Belief had total equity capital of 20,901,682 shares of ₹10 each before and after the acquisition. The company was listed on the NSE and BSE, with the listing date given as 8 September 2026.

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** For-profit social enterprise Rays of Belief's RAYF.NS shares list at 239 rupees

** Stock falls nearly 4% to 230.5 rupees, valuing company at 4.82 billion rupees ($50.89 million)

** Co's 1.25 billion rupee IPO, which consisted entirely of fresh issue of 5.23 million shares, attracted bids worth 107.71 times the shares on offer

** Co intends to use proceeds to expand its learning centres and school collaboration centres

($1 = 94.7100 Indian rupees)

(Reporting by Abhinav Parmar in Bengaluru)

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