Intimation of Reclassification
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LKP Finance Limited has completed a change of promoter, with Hindon Mercantile Limited and Mr. Kapil Garg acquiring 56,96,312 equity shares (45.32%) from the existing promoter group (the Doshi family and related entities). Hindon Mercantile additionally picked up 19,97,068 shares (15.89%) from public shareholders via an open offer, giving the new promoters a combined holding of 76,93,380 shares (61.21%). As the old promoters now hold zero equity shares, they are being reclassified from 'promoter/promoter group' to 'public' category under SEBI LODR Regulation 31A(10). Hindon Mercantile Limited holds the bulk at 61.08% while Kapil Garg holds 0.13%. The reclassification includes standard conditions such as not holding more than 10% voting rights, no board representation, and no special rights for at least three years.
This is a complete change of control at LKP Finance, with new promoters now owning over 61% of the company. Shareholders should expect potential shifts in strategic direction, management, and board composition under the new controlling entity, Hindon Mercantile Limited.