Kamlesh Chimanlal Gandhi For and on behalf of Estate of Mukesh Chimanlal Gandhi 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.
MASFIN · price
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Awaiting price reaction for this filing.
MAS Financial Services has informed the exchanges about the first stage of transmission of 4,83,80,139 shares (26.66%) of promoter Late Mr. Mukesh Chimanlal Gandhi, who passed away on January 19, 2025. The shares, held in a demat account, are being transmitted to the Estate of Mukesh Chimanlal Gandhi, with Kamlesh Gandhi acting as the Executor of the Will. As per the Will dated October 26, 2020 and the Probate granted on February 12, 2025, these shares are ultimately intended to be transferred to the MCG Private Family Trust. The Estate has claimed exemption from making an open offer under Regulation 10(1)(g) of SEBI (SAST) Regulations, 2011, as this is a transmission event, not a market acquisition.
No material impact on shareholders or stock price - this is an internal family/promoter group transmission of shares due to the death of a promoter, with no change in overall promoter group ownership. The shares will remain within the promoter group, moving from the deceased's name to his Estate and eventually to the MCG Private Family Trust.