Change in Promoter/Promoter Group of Jattashankar Industries Limited
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.8 pts less than Nifty Microcap 250 and 0.2 pts more than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Jattashankar Industries has seen a complete change of promoter group after a consortium of five acquirers — Tarunkumar Gunvantlal Patel, Vedant Tarunbhai Patel, Vishal Prakashbhai Ashara, Keval Jayanti Khudai, and Nileshbhai Bhagvanji Bapodara — completed the purchase of 31,82,900 equity shares (72.55% of equity capital) from the existing Poddar-family promoters via a Share Purchase Agreement and subsequent open offer. The erstwhile promoters (Jattashankar Poddar, Sharad Poddar, Seema Poddar, and two Poddar HUFs) have been reclassified from 'promoter/promoter group' to 'public' under SEBI Regulation 31A(10), as they no longer hold any shares. The new promoter group collectively holds 72.55%, but with the stake split across five individuals — each holding between roughly 11.40% (Vedant Patel) and 16.46% (Nileshbhai Bapodara) — meaning no single acquirer has majority control.
A complete takeover has occurred — shareholders should expect significant changes in management, board composition, and strategic direction under the new Patel/Ashara/Khudai/Bapodara-led promoter group. The fragmented ownership among five individuals (none above 17%) could lead to governance uncertainties or internal disagreements, while historically such open-offer-driven control changes often trigger price volatility.