The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Modi Asset Management Pvt Ltd
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On the reaction day the stock moved 1.8 pts more than Nifty Microcap 250 and 1.2 pts more than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Modi Asset Management Private Limited, a member of the promoter group of National General Industries Ltd, sold 2,70,000 equity shares of face value Rs. 10 each through an off-market transaction on September 24, 2025. The shares sold represent 4.88% of the total equity share capital and 6.02% of the voting share capital of the company. Post-sale, Modi Asset Management's holding reduced from 4,99,900 shares (9.04% of equity / 11.15% of voting capital) to 2,29,900 shares (4.16% of equity / 5.13% of voting capital), nearly halving its stake. The company's total equity capital remains unchanged at 55,30,259 shares of Rs. 10 each, with voting capital of 44,82,659 fully paid-up shares. The disclosure was submitted to BSE on September 25, 2025, signed by Director Manhar Modi.
A significant off-market stake reduction by a promoter group entity (from ~9% to ~4.16% of equity) may signal the promoter group trimming its exposure. Since the sale is off-market, there is likely no direct impact on the stock price, but the magnitude of the reduction is noteworthy and may raise questions about promoter conviction in the company.