The Exchange has received the disclosure under Regulation 10(5) in respect of acquisition under Regulation 10(1)(a) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, ....
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Awaiting price reaction for this filing.
Promoter Madhav Bansidhar Shriram is set to acquire 46,43,075 shares (5.34% of share capital) from his wife Divya Shriram and sons Uday Shriram and Rohan Shriram on March 13, 2026. The shares are being transferred as an inter-family gift at NIL consideration, purely to consolidate his holding within the family. Post-acquisition, Madhav Shriram's shareholding (along with persons acting in concert) will rise from 44.77% to 50.11%, crossing the key 50% mark. The transfer qualifies for exemption under Regulation 10(1)(a)(i) of the SEBI Takeover Regulations as an inter-se transfer between immediate relatives, so no open offer is triggered. This is essentially a reorganisation of existing promoter family shares, not new buying from the market.
This is a neutral-to-positive event for shareholders. No new money is deployed and no open offer obligation arises since it is an internal family reshuffle. The fact that promoter holding consolidates above 50% strengthens the family's controlling position and signals long-term commitment, though there is no material change in the overall promoter group ownership.