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Awaiting price reaction for this filing.
Devinsu Trading Limited has submitted its 40th Annual Report for FY 2024-25, with the AGM scheduled for August 4, 2025. Two key special business items are tabled: (1) reclassification of authorised share capital by converting 50,000 redeemable preference shares into 5,00,000 equity shares of Rs. 10 each, and (2) a preferential allotment of 1,30,000 equity shares at Rs. 350 per share (total Rs. 4.55 crore) to six allottees. The preferential issue, combined with a separate Share Purchase Agreement, will trigger a change in control — Mr. Deniis Desai will acquire 91,493 shares (18.30%) from the current promoter Sunshine Fibre Pvt Ltd at Rs. 350/share plus the 80,000 preferential shares, taking his stake to 27.22% and making him the new promoter. This has triggered an SEBI-mandated Open Offer. CFO Mr. Nitin Parab ceased from May 1, 2025.
Shareholders should note a significant change of control, with new promoter Deniis Desai taking charge after Open Offer formalities, which could bring new strategic direction. The Rs. 4.55 crore preferential infusion addresses working capital needs and may dilute existing non-promoter shareholders' stakes; the Rs. 350 issue price is near the valuer's fair value of Rs. 348.21.