The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for New Vision Group Holding Pvt Ltd
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New Vision Group Holding Pvt Ltd, the promoter of Kore Foods Limited (BSE: 500458), has disclosed the disposal of 15,37,860 equity shares (5.99% of total share capital) on May 5, 2025. The value of the transaction works out to about Rs. 2.56 crore. After this sale, New Vision Group Holding holds zero shares in the company, bringing down the total promoter and promoter group holding from 7.41% (19,01,392 shares) to 1.41% (3,63,532 shares). The filing also flags that Polaroid Corporation, another promoter group entity holding 9 lakh shares, is in US bankruptcy proceedings and a court has permitted abandonment of those shares as they have no recoverable value.
This represents a near-complete exit by the main promoter entity, which may be viewed negatively by retail investors and could weigh on short-term sentiment. With promoter group holding falling to just 1.41%, Kore Foods is now effectively a company with minimal promoter presence, raising corporate governance and continuity questions for shareholders.