Pidilite Industries Limited has informed the Exchange regarding 'Intent to Sell/Transfer Equity Shares held by Promoters/Promoter Group for Charitable/Benevolent purposes'.
PIDILITIND · price
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On the reaction day the stock moved 1.6 pts more than Nifty 100 and 1.1 pts more than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Pidilite Industries' promoters/promoter group plan to donate 17 lakh shares to a charitable trust founded by the company's founder Shri. B. K. Parekh, on the occasion of his 101st birth anniversary. Additionally, they intend to sell 7 lakh shares from a promoter group entity for other benevolent activities. In total, about 24 lakh shares will be transferred/sold from time to time for charitable purposes. After these transactions, promoter/promoter group shareholding will reduce marginally from 69.50% to 69.03%, a cut of roughly 0.47%.
The reduction in promoter holding is very small and unlikely to affect the stock meaningfully. The move is philanthropic in nature and reinforces that the promoter group remains comfortably in control of the company with no governance concern.