The Company submits the disclosure received from the Promoter of the company under Regulation 10(5) of SEBI(SAST) Regulation, 2011 for the record of Exchange and public dissemination.
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Promoter Rajendra Suganchand Shah has informed the exchange about a proposed acquisition of 21,29,400 equity shares (33.80% of paid-up capital) from fellow promoter Mitul Jagdishchandra Shah, at a price of Rs. 9.80 per share, on or after May 16, 2025. The transaction is an inter-se transfer between promoters and is exempt from the open offer requirement under Regulation 10(1)(a)(ii) of SEBI Takeover Regulations. Before the deal, Rajendra holds 33.87% and Mitul holds 33.80%; after the deal, Rajendra's stake will rise to 67.67% while Mitul will hold 0%. Total combined promoter holding remains unchanged at 67.67%, indicating this is a purely internal rearrangement among promoters. The shares are infrequently traded, and the price was derived from fair value assessment at Rs. 9.80 per share.
No change in total promoter ownership or public float, so there is no material impact on minority shareholders or stock price. However, control within the promoter group is now fully concentrated in Rajendra Suganchand Shah, which slightly raises key-man risk for the company.