Considered and approved the execution of the Share purchase Agreement amongst the (a) Promoter and promoter Group of the Company and (b) Mr. Ashu Jagmalaram Bishnoi and Mr. Yagnik Bharatkumar ....
Awaiting price reaction for this filing.
Krishna Capital and Securities Ltd's board approved a major change of control transaction. Promoters and Promoter Group have signed a Share Purchase Agreement to sell 13,53,852 equity shares (42.87% of paid-up capital) to Mr. Ashu Jagmalaram Bishnoi and Mr. Yagnik Bharatkumar Tank at Rs. 20 per share. The deal triggers a mandatory open offer to public shareholders under SEBI Takeover Regulations. Additionally, the company will issue up to 3 crore fresh equity shares via preferential allotment at Rs. 20 per share (aggregating Rs. 60 crore), with the two acquirers receiving 80 lakh and 1.55 crore shares respectively, plus three other allottees. Authorized share capital will be raised from Rs. 4 crore to Rs. 34 crore. Mr. Vinodkumar Bhanwer Singh, a retired SBI General Manager, was appointed as Additional Executive Director. An EGM is scheduled for April 25, 2026 to seek shareholder approvals.
This is a complete change-of-control event — existing promoters are exiting and new promoters are coming in. Shareholders should watch for the open offer price announcement, which is likely to be in line with the Rs. 20/share deal price. The massive 3 crore share preferential issue will cause significant equity dilution, but the company is also raising Rs. 60 crore of fresh capital. Expect heightened stock price volatility around the open offer and EGM dates.