Madhav Bansidhar Shriram has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Awaiting price reaction for this filing.
Promoter Madhav Bansidhar Shriram is acquiring 46,43,075 shares (5.34% of share capital) from his wife Divya Shriram (36,47,854 shares), son Uday Shriram (9,61,628 shares) and son Rohan Shriram (33,593 shares) on 13 March 2026 at NIL price, i.e., as an inter-family gift. The transaction qualifies for exemption from the open offer requirement under Regulation 10(1)(a)(i) as an inter-se transfer between immediate relatives. As a result, Madhav Shriram's individual holding rises from 38,947,040 shares (44.77%) to 43,590,115 shares (50.11%), taking his personal stake past the 50% mark. The total promoter-group holding remains unchanged at 50.11% since the shares are merely being consolidated within the promoter family.
Positive from a control and governance standpoint — promoter Madhav Shriram consolidates personal ownership and crosses the 50% threshold, strengthening his position. No cash consideration and no open offer obligation, so no immediate dilution or cost to the company or minority shareholders.