Promoter to receive 2,69,06,206 shares (30.94%) as inter-family gift; total promoter holding unchanged

Pre-transaction disclosure under SEBI Takeover rules.

Thu 1 Oct 2026

Shares to be acquired

2,69,06,206 equity shares (30.94%)

Acquirer post-transaction holding

4,35,90,115 shares (50.11%)

Proposed transfer date

October 9, 2026

Transfer price

NIL

Total promoter shareholding post-transaction

50.11% (unchanged)

What was shared

A pre-transaction report under Regulation 10(5) of the SEBI (SAST) Regulations, 2011, intimating a proposed intra-promoter share transfer in the company.

Who is involved

• Acquirer: Mr. Alok Bansidhar Shriram, already a promoter before the transaction.
• Transferor: Mrs. Urvashi Tilakdhar.

The proposed transaction

• Shares to be acquired: 2,69,06,206 equity shares, i.e. 30.94% of share capital, face value Rs. 2 each.
• Proposed date: October 9, 2026.
• Mode: off-market inter-se transfer among promoters and immediate relatives.
• Price: NIL — the stated rationale is an inter-family gift out of love and affection.

Shareholding change

• Acquirer and PACs (other than sellers) pre-transaction: 1,66,83,909 shares (19.17%).
• Acquirer and PACs (other than sellers) post-transaction: 4,35,90,115 shares (50.11%).
• Seller pre-transaction: 2,69,06,206 shares (30.94%); post-transaction: nil.
• Individually, Alok B Shriram moves from 89,42,540 shares (10.28%) to 3,58,48,746 shares (41.22%).
• Other promoter group holdings such as Suman Bansi Dhar (47,64,227 shares, 5.48%) and Bansuri Charitable Society (29,76,389 shares, 3.42%) are unchanged.

Open offer position

The acquirer claims exemption from making an open offer under Regulation 10(1)(a)(i), the carve-out for transfers among immediate relatives. The update cites a 60 trading day volume weighted average market price of 226.33; the 25% price-cap declaration is marked not applicable as the transfer is a gift within immediate relatives. The acquirer declares compliance with the conditions for exemption and with Chapter V disclosure requirements.

How to read it

This is a reshuffle of shares within the promoter family rather than a sale to an outside party. The update states there is no change in total promoter shareholding, which remains at 50.11%. Public shareholders' proportionate holding is not affected by the transfer itself; what changes is which family member holds how much within the promoter group.

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