Mehta Family Trust Acquires 14.57% Saurashtra Cement Stake

Date: 24-09-2026

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Transaction Details:

Mehta Family Trust (Acquirer) indirectly acquired 1,62,15,400 equity shares (14.57% of equity share capital and voting rights) in Saurashtra Cement Limited
The shares were transferred from Mr. Jay Mahendra Mehta (Promoter/Transferor) through Galaxy Technologies Private Limited
Transaction executed pursuant to SEBI exemption order dated 14th July 2026 (WTM/KCV/CFD/06/2026-27)
Effective date of acquisition: September 22, 2026
Date of intimation: September 24, 2026

Shareholding Impact:

Pre-transaction: Galaxy Technologies held 1,62,15,400 shares (14.57%) on behalf of promoters
Post-transaction: Mehta Family Trust holds indirect beneficial interest in these shares through Galaxy
No change in aggregate promoter and promoter group shareholding (66.62%)
No change in public shareholding (33.38%)
No change in total share capital or voting rights structure

SEBI Exemption Order Background:

Application dated January 19, 2026 sought exemption from regulations 3(2) and 5 of SAST Regulations, 2011
Target company's paid-up capital: ₹1,11,28,72,800 divided into 11,12,87,280 equity shares of ₹10 each
Promoter group collectively holds 7,41,40,412 shares (66.62%) pre and post transaction
Galaxy Technologies shareholding: Jay Mahendra Mehta (49.99%), Juhi Chawla Mehta (50.00%), Y.N. Shah (0.01%)
Omna Enterprises LLP (promoter group) holds 1,05,22,431 shares (9.46%) with profit sharing: Hemang Dhirendra Mehta (48.76%), Jay Mahendra Mehta (1.00%), Juhi Chawla Mehta (50.24%)

Mehta Family Trust Structure:

Irrevocable, discretionary private trust established January 24, 2019
Settlors: Sudhir B Shah (maternal uncle of Jay Mehta), Jay Mahendra Mehta, Juhi Chawla Mehta
Trustees: Jay Mahendra Mehta, Juhi Chawla Mehta, Mahendra Nanjibhai Mehta (father), Sunayna Mehta (mother)
Beneficiaries: Radha Mahendra Mehta (sister), Jahnavi Jay Mehta (daughter), Arjun Jay Mehta (son), and their lineal descendants

Transaction Rationale:

Internal family reorganization to streamline Mehta Family's shareholding in group companies
Succession planning objectives
Consolidation of control within promoter family
No change in management or control of target company

SEBI Exemption Conditions:

Acquisition must comply with Companies Act 2013 and other applicable laws
Acquirer must file report with SEBI within 21 days of acquisition completion
All statements in application must remain true and correct
Compliance with SEBI Master Circular SEBI/HO/CFD/PoD-1/P/CIR/2023/31 dated February 16, 2023
Trust deed covenants must not contradict exemption conditions
Exemption valid for one year from July 14, 2026 order date

Compliance Requirements:

Annual compliance confirmation to be disclosed in shareholding pattern
Independent auditor certification required annually
Any change in trustees/beneficiaries must be disclosed to stock exchanges within 2 days