Mr. Kishore Biyani has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Awaiting price reaction for this filing.
Kishore Biyani, on behalf of the promoter group of Praxis Home Retail, has submitted a yearly declaration confirming that no new encumbrance (pledge or charge) was created on the company's shares during FY 2024-25 beyond what was already disclosed. The filing includes a list of all promoter group members and persons acting in concert along with their shareholdings as of March 31, 2025. The largest promoter group entity is Surplus Finvest Private Limited with 2,45,23,696 shares (18.14%), while other family members hold smaller stakes, bringing the total promoter group holding to roughly 23.6%. The disclosure also notes that Future Corporate Resources Private Limited (FCRPL), a corporate promoter holding 0.31%, is currently under corporate insolvency resolution after NCLT admitted it on September 24, 2024, and is no longer acting in concert with the rest of the promoter group.
This is largely a routine compliance filing with no new negative action on shares. However, the very low total promoter holding (around 23.6%) and the insolvency of one corporate promoter (FCRPL) leave the company vulnerable to takeover attempts or shifts in control.