The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Sharad Poddar & PACs
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Promoter Sharad Poddar has sold 8,83,467 equity shares (20.14% of the company) through an off-market transaction at Rs. 60 per share. The buyers are Vishal Prakashbhai Ashara (7,00,000 shares) and Keval Jayanti Khudai (1,83,467 shares). The sale was carried out after complying with the mandatory open offer requirement under Regulation 3(2) of SEBI (SAST) Regulations, 2011, based on a Purchase Agreement originally dated 20 December 2024. Before the transaction, the promoter group's combined holding stood at 64.76% (Sharad Poddar 32.37% + PACs 32.39%). After the sale, Sharad Poddar's individual holding drops to just 12.23%, while the PACs retain 32.39%, bringing the combined promoter group stake to about 44.62%. The equity share capital remains unchanged at 43,87,100 shares of Rs. 10 face value.
This is a significant promoter stake reduction that pushes the combined promoter holding below the 50% mark, changing the company's control profile. Retail investors should note the shift in promoter influence and monitor the new substantial shareholders who have entered through this off-market deal.