Declaration Under Regulation 31(4) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011
Awaiting price reaction for this filing.
Promoters of RCI Industries and Technologies Limited (Rajeev Gupta, Mamta Gupta, Metalrod Limited, and Ace Matrix Solutions Limited) have filed a yearly declaration under SEBI's Takeover Regulations confirming they have not created any new encumbrance (pledge, lien, etc.) on the company's shares during the financial year. The promoters collectively hold 10,026,210 equity shares, which is 63.96% of the company's voting capital as of 31 March 2024. Rajeev Gupta holds the largest individual stake at 40.17%, followed by Ace Matrix Solutions (11.18%), Mamta Gupta (7.43%), and Metalrod Limited (5.18%). Importantly, the filing notes that the company has been under the Corporate Insolvency Resolution Process (CIRP) since 25 November 2022, and promoters Rajeev Gupta and Mamta Gupta have been under Personal Insolvency Process since 14 June 2024. No new acquisitions or disposals by promoters are reported.
This is largely a compliance filing rather than a value-changing event. However, the backdrop of CIRP since November 2022 and personal insolvency proceedings against two key promoters means shareholders face significant uncertainty around recovery, promoter control continuity, and any potential resolution plan. Investors should monitor CIRP updates closely as these will determine the company's future ownership and direction.