Fruition Venture Limited hereby submit the Application for Re-initiation of Re-classification of Promoters under Regulation 31(A) of SEBI(LODR) Regulation, 2015.We have earlier submitted ....
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Awaiting price reaction for this filing.
Fruition Venture Limited has filed a fresh application with BSE to re-initiate the reclassification of its promoters under Regulation 31A(10) of SEBI LODR Regulations. The filing follows an open offer held in November 2022, through which the former promoters — Mr. Nitin Jain (35.66%), Mr. Sanhit Jain (10%), and M/s Nitin Jain HUF (3.94%) — sold their entire combined 49.60% stake and exited the company. New promoters Mr. Krishan Kumar Aggarwal and Mr. Nitin Aggarwal acquired those shares under a Share Purchase Agreement at Rs 12.50 per share and additionally purchased up to 26% via the open offer at Rs 13 per share. A prior reclassification application dated 3 June 2023 was not approved by BSE, prompting this re-application with the Rs 54,000 processing fee already paid. Post-offer, the new promoters would collectively hold 75.60% of the company, reducing public shareholding to about 24.40%.
This is largely a procedural filing to formally update the company's promoter records to reflect the change of control that already took place in 2022. No fresh share transaction is involved. Investors should note that the new promoters' combined 75.60% holding crosses the 75% maximum non-public shareholding cap under SCRR, meaning they may eventually need to pare down their stake — a potential future supply overhang for the stock.