The Exchange has received the disclosure under Regulation 10(6) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Rashmi C Bhimjyani
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Rashmi C. Bhimjyani acquired 6,76,491 equity shares of Neelkanth Limited (15.52% of total share capital) from Bhavik Bhimjyani on February 23, 2026, through an off-market inter-se transfer by way of gift among immediate relatives. The transaction was carried out at Nil consideration (gift). Post-transaction, Rashmi's stake in the company increased from 40.30% to 55.82%, crossing the 50% majority threshold, while Bhavik's stake dropped from 15.57% to just 0.05%. The disclosure was filed under Regulation 10(6) read with Regulation 10(1)(a)(i) of SEBI (SAST) Regulations, 2011, which exempts inter-se transfers among immediate relatives from the open offer requirement.
This is essentially a reshuffling of promoter family shareholding with no change in total promoter control. Since the shares were transferred as a gift at Nil price, there is no cash inflow or outflow. The acquirer now holds majority control (55.82%), but overall promoter group holding remains unchanged. Retail investors should note this is a non-event from a valuation standpoint, though control consolidation within the promoter family is now more concentrated in Rashmi C. Bhimjyani.