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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Riddhi Portfolio Private Limited, one of the promoters of Ramkrishna Forgings, has informed the exchanges of a proposed acquisition of up to 19,00,000 equity shares (about 1.05% of total share capital) from Mr. Naresh Jalan, the Promoter & Managing Director. This is an inter-se transfer within the promoter group, so the total promoter and promoter group holding will remain unchanged before and after the deal. The transaction is exempt from the open offer requirement under Regulation 10(1)(a)(ii) of the SEBI Takeover Regulations. The reference price is Rs. 533.50, being the 60-day volume-weighted average market price, and the actual acquisition price will not be more than 25% above this level. After the transfer, Riddhi Portfolio's stake will rise from 33.45% to 34.50%, while Naresh Jalan's stake will reduce from 2.49% to 1.44%, and the deal is described as part of an internal promoter group restructuring exercise.
This is a reshuffle within the promoter family and does not change the total promoter holding in the company, so it has limited direct impact on shareholders or the stock price. Riddhi Portfolio, the larger promoter vehicle, is consolidating its position at the cost of Naresh Jalan's personal holding, which may be seen as a neutral-to-marginally-positive sign of the controlling family restructuring holdings for better clarity of ownership.