AS PER ATTACHMENT
Awaiting price reaction for this filing.
The Board of Ashiana Ispat, at its meeting on January 15, 2026, approved a Share Purchase Agreement (SPA) between the existing promoters/management and a strategic partner for the transfer of shares on an offline basis, subject to regulatory approvals. Mr. Tarun Jain, an entrepreneur associated with the Legend Group (spanning real estate, entertainment, retail, and steel/TMT bars), has been appointed as an Additional Non-independent Director, likely representing the strategic partner. Additionally, Mr. Shakti Sharma (CA Finalist with 12+ years of finance experience) has been appointed as the new CFO, replacing Mr. Ravindra Kumar Jain who resigned effective the same day.
This signals a likely change in control or promoter-level restructuring as a strategic partner (Legend Group) enters the company via share transfer, which could trigger SEBI Takeover Regulations compliance including a potential open offer to public shareholders. Stock may see heightened volatility and re-rating as the new promoter group's strategic direction becomes clearer.