Veedol Corporation Limited has informed the Exchange that the Company has received an application for grant of pre-dealing approval, alongwith necessary undertaking, from Standard Greases & Specialities Private Limited (SGSPL), Joint Promoter of the Company in connection with further acquisition of 8,71,200 nos. equity shares of the Company.
VEEDOL · price
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Standard Greases & Specialities Private Limited (SGSPL), a Joint Promoter of Veedol Corporation, has submitted an application for pre-dealing approval to acquire 8,71,200 additional equity shares of the company. SGSPL has also submitted the necessary undertaking as required under insider trading regulations. This is described as a further acquisition, indicating SGSPL already holds shares in the company and is looking to increase its promoter-level stake.
This signals promoter confidence and a likely increase in promoter shareholding in Veedol Corporation. Pre-dealing approval is typically a compliance step before executing the trade, so the actual share purchase is expected to follow. Positive signal for shareholders as promoter buying usually reflects faith in the company's prospects.