The Exchange has received the disclosure under Regulation 10(5) in respect of acquisition under Regulation 10(1)(a) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, ....
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Neelkanth Limited promoter Rashmi Chunilal Bhimjyani proposes to acquire 6,76,491 equity shares (15.52% of paid-up capital) from fellow promoter Bhavik Rashmi Bhimjyani by way of gift at Nil price. The transaction is an inter-se transfer among immediate relatives and qualifies for exemption from an open offer under Regulation 10(1)(a)(i) of SEBI SAST Regulations. Post-transaction, Rashmi's individual stake will rise from 40.30% to 55.82%, crossing the 50% majority mark, while Bhavik's holding will shrink from 15.57% to just 0.05%. The acquisition is expected to take place on or after February 23, 2026.
No cash is involved — this is an internal promoter family reshuffle, so total promoter shareholding stays roughly the same. However, Rashmi now individually crosses 50%, consolidating single-point control over the company, which could be viewed positively by investors as it strengthens promoter authority.