Prior intimation of proposed gift of 4,14,800 shares (6.73%) within promoter group; open-offer exemption claimed

Promoter group member Lalitadevi Reniwal has intimated a proposed gift of 4,14,800 equity shares (6.73% of share capital) from her son Rajeev Reniwal.

Sat 10 Oct 2026

Proposed gift of shares

4,14,800 equity shares (6.73% of share capital)

Promoter group stake change

43.26% to 49.99%

Proposed transfer date

16 October 2026

What the company disclosed

The company has informed BSE that it received a prior intimation under Regulation 10(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, from Mrs. Lalitadevi Shantisarup Reniwal, a member of the promoter group.

The proposed transaction

• Mrs. Lalitadevi Shantisarup Reniwal proposes to acquire 4,14,800 equity shares, equal to 6.73% of the total share capital, from her son Mr. Rajeev Shantisarup Reniwal, also a member of the promoter group
• The transfer is by way of gift, without consideration, and is described as an inter-se transfer between immediate relatives within the promoter group
• The proposed date of acquisition / transfer is 16 October 2026
• The acquirer states the proposed acquisition is exempt from the obligation to make an open offer in terms of Regulation 10(1)(a)(i) and/or Regulation 10(1)(a)(ii) of the SAST Regulations, subject to fulfilment of the applicable conditions
• The transferor and transferee have declared that they will comply with the applicable disclosure requirements under Chapter V of the Takeover Regulations

Shareholding disclosed

• Acquirer(s) and persons acting in concert (other than sellers): 26,68,005 shares, 43.26% before the proposed transaction, and 30,82,805 shares, 49.99% after the proposed transaction
• Seller(s): shown at 15,39,009 shares, 24.96% after the proposed transaction

What this means for a retail investor

• The shares are proposed to move from one member of the promoter group to another, by way of gift, inside the same family, rather than through a sale in the market
• The update states no consideration is involved, so no price is being paid for these shares
• After the proposed transaction, the acquirer group's disclosed holding would stand at 49.99% of the total share capital
• The exemption claimed means the acquirer does not propose to make an open offer to other shareholders for this acquisition, subject to the conditions of that exemption being met
• The update presents this as a proposed acquisition, with the intended transfer date of 16 October 2026

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