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Awaiting price reaction for this filing.
LKP Securities informed the stock exchanges about the sad demise of Mr. Mahendra V Doshi (DIN: 00123243), Non-Executive Non-Independent Director and Promoter, on August 6, 2025. He personally held 92,58,107 equity shares (11.25% holding) as a promoter. Additionally, he held 1,96,89,579 shares (23.92%) on behalf of the partnership firm M/s L K Panday, which is part of the promoter group. His total stake of 2,89,47,686 shares represents 35.17% of the company. Under Regulation 31A(6)(c) of SEBI Listing Regulations, Mr. Doshi will cease to be part of the promoter/promoter group of the company. The shares held by him will need to be transmitted to his legal heirs as per succession laws.
The loss of a key promoter who held over 35% of the company (individually and through a partnership firm) creates uncertainty around the future ownership structure and promoter group classification. Shareholders should watch for updates on share transmission to legal heirs and any potential change in promoter shareholding or board composition, which could influence governance and stock price sentiment.