Digjam Limited has informed the Exchange regarding Appointment of Mr Mr. Ruchit Bharat Patel as Non- Executive Independent Director of the company w.e.f. Jun 29, 2025.
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Digjam Limited's board, at its June 29, 2025 meeting, accepted the resignation of Mr. Parashiva Murthy B S as Director citing personal reasons, and appointed Mr. Ruchit Bharat Patel (DIN: 00603359) as an Additional Director in a Non-Executive, Non-Independent capacity. Note: the NSE headline mischaracterized the appointee as an Independent Director. The board also approved a Scheme of Arrangement to demerge the textile business of Reid & Taylor International Pvt Ltd (RTIL) into Digjam, with an appointed date of July 1, 2025. The demerged undertaking posted turnover of INR 48,881.12 lakhs in FY25, which is 2,686% of Digjam's own turnover, so the combined entity will be vastly larger. Consideration will be discharged via issuance of 7,13,01,854 new equity shares at a swap ratio of 46,481 Digjam shares for every 100 RTIL shares. Post-scheme, promoter holding moves marginally from 75% to 74.97% while total shares expand to 9,13,01,854 from 2,00,00,000.
For shareholders, the demerger will substantially scale up the company by absorbing a much larger textile business from a group company, but it will also dilute existing holdings more than 4.5x through new share issuance. The newly appointed director, Ruchit Bharat Patel, shares the 'Bharat Patel' patronymic with existing Whole-time Director Hardik Bharat Patel, indicating a likely promoter-family addition to the board, which investors may want to monitor for governance purposes.