Key Quantitative Figures
- Total shares proposed for divestment: 32,58,364 Equity Shares (face value ₹10 each)
- Percentage of shareholding to be divested: 2.00% of total paid-up equity capital
- Individual promoter divestment breakdown:
- Mr. Ashokkumar Haridas Lal: 16,29,182 shares (1.00%)
- Mr. Jitendrakumar Haridas Lal: 16,29,182 shares (1.00%)
- Current promoter & promoter group holding: 14,66,20,379 equity shares (90.00% of total paid-up equity)
Timeline of Action
- Sale period: From August 31, 2026, onwards until September 30, 2026
- Sale completion: The entire divestment process will be completed by September 30, 2026, or the actual date of completion of sale of all equity shares, whichever is earlier.
- Sale method: Open market sale, in single or multiple tranches
Parties Involved
- Sellers: Mr. Ashokkumar Haridas Lal and Mr. Jitendrakumar Haridas Lal (Promoters)
- Compliance Officer: Archanaba Krunalsinh Gohil (Company Secretary)
- Regulatory References: Rule 19(2)(b) and 19(A) of Securities Contracts (Regulation) Rules, 1957; Regulation 38 of SEBI (LODR) Regulations, 2015; SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026
Purpose and Rationale
The sale is explicitly for "achieving minimum public shareholding" requirements as mandated by securities regulations.
Additional Undertakings
Both promoters provided separate identical undertakings dated August 27, 2026, stating:
- They or any person belonging to the promoter and promoter group shall not buy any shares in the open market on the dates when the specified equity shares are being sold for MPS compliance.
- These undertakings are submitted to BSE Limited and National Stock Exchange of India Limited along with the intimation.
Capital Structure Impact
The divestment will reduce promoter holding from 90% to 88%, increasing public float accordingly. No change to total paid-up capital as existing shares are being sold in the secondary market.