Annual Report for financial year 2024-25.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Devinsu Trading Limited has filed its 40th Annual Report for FY 2024-25, with the AGM scheduled for August 4, 2025. Key agenda items include adoption of FY25 financials, re-appointment of Ms. Deepa Bhavsar as Director, reclassification of authorized share capital (converting 50,000 preference shares into 5,00,000 equity shares, keeping total at Rs. 1 crore), and a preferential issue of 1,30,000 equity shares at Rs. 350 per share (Rs. 10 face value + Rs. 340 premium), raising Rs. 4.55 crore. The biggest development is a change of control: Mr. Deniis Desai will acquire 91,493 shares (18.30%) from the existing promoter Sunshine Fibre Pvt Ltd at Rs. 350 per share, plus 80,000 shares via the preferential issue, taking his total holding to 1,71,493 shares (27.22%) and becoming the new Promoter. This triggers an Open Offer under SEBI Takeover Regulations, subject to SEBI approval. The company's Independent Directors Committee explicitly noted that 'there is no active business being undertaken by the Company,' which is why no control premium is being charged. The CFO, Mr. Nitin Parab, ceased office on May 1, 2025.
Existing public shareholders face dilution as the equity base expands from 5,00,000 to 6,30,000 shares (26% increase), with their combined non-promoter stake dropping from 81.70% to 68.02%. A change of control to Mr. Deniis Desai is imminent, and an Open Offer will follow pending SEBI clearance — existing shareholders should watch the open offer price, timeline, and any new direction under the incoming promoter. The company's stated lack of active business, combined with a fundraising for 'working capital and general corporate purposes,' raises questions about operational viability and the future use of these funds.