considered and approved matters listed below 1Appointment of Directors 2. SPA Agreement 3. Alteration of MoA 4. Increase in authorised Capital 5. Issue of equity shares Preferential ....
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In a single board meeting on May 14, 2025, Hari Govind International Limited approved a sweeping set of corporate actions. The biggest one is a change of control: existing promoters Jugal Kishore Maniyar HUF and Sunita Maniyar are selling their full 60% stake (30 lakh equity shares) to Shaju Thomas and Linta P Jose for ₹3 crore at ₹10 per share, which will trigger a mandatory open offer to public shareholders under SEBI takeover rules. The board appointed 3 new directors — 2 Independent Directors (Mr. Reveesh Moolamkuzhiyil Varghese and Mr. Rishin Rasheed) and 1 Whole-Time Director (Mr. Aneesh Kumar K Kuniyil) — all for 5-year terms. The MoA's main object clause is being rewritten to shift the business into readymade garments, baby food, toys, hygiene products and textiles (notable shift from prior objects). Authorised capital is being doubled from ₹5.25 crore to ₹10.25 crore, and a preferential allotment of 37.75 lakh equity shares at ₹10 per share (₹3.775 crore total) is being made to 14 allottees including the incoming new promoters. The resignation of director Mr. Mayur Bhailal Bhanushali was also taken on record.
This is a full change-of-control event — public shareholders will likely get an open offer from the new promoters at a price to be announced. The simultaneous shift in business objects (into garments/baby products) and a fresh equity raise at ₹10/share (no premium) could dilute existing shareholders and signals a strategic pivot under new management. Investors should watch for SEBI approvals and the open offer letter.