NSEAcquisition2d ago · 19 Sept 2026, 05:45 pm
Acquisition
Rays of Belief Limited · MOMSBELIEF
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Rays of Belief Limited has informed the Exchange about Acquisition of City Pro Group Inc. by Mom's Belief US Inc., a step-down wholly owned subsidiary of Rays of Belief Limited.
Analysis Scores
Earnings Impact5/10
Growth Catalyst6/10
Governance Concern2/10
Regulatory Risk3/10
Balance Sheet Risk4/10
Liquidity Impact8/10
Market Sentiment5/10
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Full Announcement
MOMSBELIEF: Rays of Belief Limited has informed the Exchange about Acquisition of City Pro Group Inc. by Mom s Belief US Inc., a step-down wholly owned subsidiary of Rays of Belief Limited.
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ROBL_19092026174443_ROBL_-_Intimation_of_Step_Down_Subsidiary.pdf
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Rays of Belief Limited
Date: September 19, 2026
To, To,
National Stock Exchange of India Limited BSE Limited
Exchange Plaza Plot No. C/1 Phiroze Jeejeebhoy Towers
Block G, Bandra-Kurla Complex, Dalal Street
Bandra (East), Mumbai-400051. Mumbai-400 001.
Scrip Symbol: MOMSBELIEF Scrip Code: 544906
Sub:Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 – Acquisition of 100% equity shareholding of City Pro Group Inc. through
Mom’s Belief US Inc., a wholly owned subsidiary of the Company
Dear Sir/Madam,
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read
with the SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, we wish
to inform you that Mom’s Belief US Inc, Wholly Owned Subsidiary of the Company, has acquired and holds
100% of the equity shareholding of City Pro Group Inc.
Consequent to the aforesaid acquisition, City Pro Group Inc. has become a wholly owned subsidiary of Mom’s
Belief US Inc. and, accordingly, a step-down wholly owned subsidiary of the Company with effect from
September 18, 2026.
The details required pursuant to Regulation 30 of the SEBI Listing Regulations, read with the applicable
provisions of the SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30,
2026, are enclosed herewith as Annexure A.
Kindly take the same on your records.
Thanking you,
For Rays of Belief Limited
Mayank Bhargava
Company Secretary
ICSI Mem. No. A53418
Place: Gurugram
Date: 19.09.2026
Encl: As stated
Rays of Belief Limited
(Formerly known as Rays of Belief Private Limited)
Corp office - 18/1, T Block, Near DLF City Club, DLF Phase III, Sector 24, Gurugram 122001,INDIA
Tel: 0124-4075498; Email: contact@momsbelief.com
Regd. Office – J-1919, Basement, Chittranjan Park, New Delhi – 110 019;
CIN: U85110DL2017PLC322623
Rays of Belief Limited
Annexure – A
Details required pursuant to Regulation 30 of the SEBI Listing Regulations, read with the
applicable provisions of the SEBI Master Circular No. HO/49/14/14(7)2025-CFD-
POD2/I/3762/2026 dated January 30, 2026
Sr. Details of Events required to be Details
No. disclosed
a) Name of the target entity, details Name of Entity: City Pro Group Inc (Step-down subsidiary
in brief such as size, turnover etc. of the Company)
Date of Incorporation: July 14, 1995
Paid up Capital: as on 30th June 2026 is USD 100
Turnover: year ended 30th June 2025 is USD
1,14,32,394.52
b) Whether the acquisition would fall This acquisition does not fall within related party
within related party transaction(s) transaction. After acquisition of City Pro Group Inc, it will
and whether the promoter/ become a related party of the Company. The promoter/
promoter group/ group companies promoter group/ group companies do not have any interest
have any interest in the entity in this acquisition.
being acquired? If yes, nature of
interest and details thereof and
whether the same is done at
“arm’s length”
c) Industry to which the entity being Healthcare Industry
acquired belongs
d) Objects and effects of acquisition The acquisition is intended to strengthen and expand the
(including but not limited to, Group’s presence in the United States in the field of
disclosure of reasons for pediatric developmental, early intervention and special
acquisition of target entity, if its education services. City Pro’s established operating
business is outside the main line of capabilities, service network and experience in providing
business of the listed entity) pediatric early intervention and school-based special
education services are expected to complement the Group’s
existing service offerings and support its strategic
expansion in the United States.
e) Brief details of any governmental Not Required.
or regulatory approvals required
for the acquisition
f) Indicative time period for 18th September, 2026
completion of the acquisition
g) Nature of consideration - whether Cash Consideration
cash consideration or share swap
and details of the same
h) Cost of acquisition or the price at The aggregate consideration for acquisition of 100% of the
which the shares are acquired equity shareholding of City Pro Group Inc. is USD
2,000,000.
Rays of Belief Limited
(Formerly known as Rays of Belief Private Limited)
Corp office - 18/1, T Block, Near DLF City Club, DLF Phase III, Sector 24, Gurugram 122001,INDIA
Tel: 0124-4075498; Email: contact@momsbelief.com
Regd. Office – J-1919, Basement, Chittranjan Park, New Delhi – 110 019;
CIN: U85110DL2017PLC322623
Rays of Belief Limited
Sr. Details of Events required to be Details
No. disclosed
i) Percentage of Mom’s Belief US Inc. has acquired and holds 100% of the
shareholding/control acquired equity shareholding of City Pro Group Inc. Accordingly,
and/ or number of shares acquired City Pro Group Inc. has become a wholly owned subsidiary
of Mom’s Belief US Inc. and a step-down wholly owned
subsidiary of the Company.
j) Brief background about the entity Brief background: City Pro Group Inc. is a New York-
acquired in terms of products/line based provider of pediatric early intervention and school-
of business acquired, date of based special education services, operating clinics in the
incorporation, history of last 3 Bronx, Brooklyn, Manhattan, and Long Island (Plainview).
years turnover, country in which It is a NYSDOH-approved EIP provider and NYS
the acquired entity has presence Medicaid-enrolled provider (d/b/a "ACP Early
and any other significant Intervention"), delivering services primarily under
information (in brief) contracts with New York State, NYC DOE, and Long
Island school districts.
Date of Incorporation: July 14, 1995
Country: United States of America
History of last 3 years’ turnover:
Year ended 30th Jun 2025 : USD 1,14,32,394.52
Year ended 30th Jun 2024 : USD 1,14,06,380.82
Year ended 30th Jun 2023 : USD 97,13,036.83
Rays of Belief Limited
(Formerly known as Rays of Belief Private Limited)
Corp office - 18/1, T Block, Near DLF City Club, DLF Phase III, Sector 24, Gurugram 122001,INDIA
Tel: 0124-4075498; Email: contact@momsbelief.com
Regd. Office – J-1919, Basement, Chittranjan Park, New Delhi – 110 019;
CIN: U85110DL2017PLC322623