The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Praveen Jaswant Rai Jain
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Praveen Jaswant Rai Jain, the Managing Director and Promoter of Shashank Traders Ltd, sold his entire holding of 8,24,600 equity shares (26.65% of total share capital) via off-market transactions on May 7-8, 2026. The sale was executed at Rs. 30 per share, valuing the transaction at approximately Rs. 2.47 crore. Before the sale, the promoter held 26.65% of the company's 30,93,800 equity shares (total capital Rs. 3.09 crore). After the transaction, his holding dropped to NIL (0%), meaning he has completely exited as a shareholder in the company. The transaction qualifies as a substantial disposal under SEBI SAST regulations.
This represents a complete promoter exit from the company, which is typically a strong negative signal for retail investors. The entire promoter stake being sold off-market at Rs. 30 per share could indicate the promoter is distancing from the company, potentially due to underlying concerns or alternative uses of capital. The zero promoter holding may affect market confidence and governance perception.