Vineet Suchanti has submitted to the Exchange a copy of Disclosures under Regulation 10(6)-Report to stock Exchange in respect of any acquisition made in reliance upon exemption provided for in regulation 10 of SEBI (SAST) Regulations, 2011.
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Mr. Vineet Suchanti has disclosed the acquisition of 145,040 equity shares (41.44%) of NSS Digital Media Limited, which in turn holds 55.91% in Keynote Financial Services. The acquisition was done through two routes: a gift transfer of 44,800 shares (12.80%) from Mr. Vivek Suchanti and an inter-se transfer of 100,240 shares (28.64%) via partition of Nirmal Suchanti HUF. No cash consideration was involved as it was a gift and HUF partition. As a result, Mr. Vineet Suchanti's stake in NSS Digital rose from 58.49% to 99.93%, giving him indirect control of 55.87% in Keynote, with his total direct and indirect shareholding reaching 56.09% in the target company. The pre and post shareholding of NSS Digital in Keynote remains unchanged at 55.91%.
This is an internal restructuring within the promoter and promoter group (immediate relatives) and does not change the overall promoter shareholding in the listed company. Since no money changes hands and there is no change in control of Keynote, retail investors are unlikely to see any direct impact on the stock price from this transaction.