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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Promoter Rajendra Suganchand Shah plans to acquire 21,29,400 equity shares (33.80% of paid-up capital) from fellow promoter Mitul Jagdishchandra Shah via an off-market inter-se transfer at Rs. 9.80 per share, expected on or after May 16, 2025. The transaction is exempt from making an open offer under Regulation 10(1)(a)(ii) of SEBI Takeover Regulations as it is an internal promoter rearrangement. Post-transaction, Rajendra's holding will rise from 33.87% to 67.67%, making him the majority controlling promoter, while Mitul will fully exit his promoter stake (33.80% to 0%). Combined promoter holding remains unchanged at 67.67%. The price was determined as the fair value of equity shares since the stock is infrequently traded.
This is an internal reshuffle among promoters with no change in total promoter ownership, so it should not materially affect the stock price. Rajendra Suganchand Shah consolidates majority control at 67.67%, increasing his influence over company decisions, while the company is exempt from any open offer obligation.