Rays Of Belief

** Shares of India's Rays of Belief RAYF.NS rise 15% to 256.34 rupees

** For-profit social enterprise reports June-quarter consolidated net profit of 27.9 million rupees vs loss of 5.4 million rupees a year earlier

** Consolidated revenue from operations more than doubles to 253.1 million rupees in the quarter from 107.1 million rupees a year earlier

** Stock up 12.3% since listing on September 8, 2026

(Reporting by Payel Das in Bengaluru)

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Rays of Belief acquired 100% of City Pro Group Inc through its wholly owned subsidiary Mom's Belief US Inc for USD 2 million in cash, with the New York company becoming a step-down wholly owned subsidiary on 18 September 2026. City Pro Group operated clinics in the Bronx, Brooklyn, Manhattan and Plainview, Long Island, providing pediatric early intervention and school-based special education services, and reported turnover of USD 11.43 million for the year ended June 2025. Mom's Belief US Inc specialised in allergy and immunology diagnosis, treatment and ongoing management and reported turnover of USD 3.83 million in FY26. The acquisition followed a USD 2 million cash rights-issue investment in Mom's Belief US Inc on 17 September that left the 100% holding unchanged. The company listed on 8 September 2026, held 100% of the US subsidiary and stated its operating direction as exploring specialised healthcare services through that arm.

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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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Sept 17 (Reuters) - Rays of Belief Ltd RAYF.NS:

• RAYS OF BELIEF - MAKES FURTHER INVESTMENT OF $2 MILLION IN MOM’S BELIEF US VIA RIGHTS ISSUE

Source text: ID:nBSEc4mZrK

Further company coverage: RAYF.NS

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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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