Reg 29(2) Disclosure: Indirect Transfer of 14.57% Voting Rights Within Promoter Family
Jay Mahendra Mehta sold 2,49,999 shares (49.99%) of Galaxy Technologies to Mehta Family Trust on 22-Sep-2026.
By ScoutQuest · · 2 min read
- Shares Transferred
- 2,49,999 equity shares (49.99% of Galaxy Technologies)
- Indirect Voting Rights Acquired
- 1,62,15,400 shares (14.57%) of Saurashtra Cement
- Transaction Date
- 22-Sep-2026
- Acquirer
- Mehta Family Trust
- SEBI Exemption Order Date
- July 14, 2026
What was shared
A disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, made by promoter Mr. Jay Mahendra Mehta.
The transaction
- On September 22, 2026, Mr. Jay Mahendra Mehta transferred 2,49,999 equity shares, representing 49.99% of the equity share capital of Galaxy Technologies Private Limited, to the Mehta Family Trust.
- Galaxy holds 1,62,15,400 equity shares of Saurashtra Cement, being 14.57% of its equity share capital and voting rights.
- As a result, the Mehta Family Trust indirectly acquires voting rights corresponding to that 14.57% stake.
- The shares continue to be registered in Galaxy's name, an existing promoter group entity; only the indirect beneficial interest and voting rights consolidate in favour of the Trust.
Holdings as disclosed
- Before: shares carrying voting rights held directly by Mr. Jay Mahendra Mehta shown as 43,730, or 0.04%.
- The transaction covers 1,62,15,400 shares or 14.57%.
- Combined figure shown after the transaction: 1,62,59,130 shares, or 14.61%.
- The update also notes the acquirer continues to hold 100 equity shares directly in the Target Company.
Basis of the transaction
It was undertaken pursuant to an exemption granted by SEBI by order dated July 14, 2026. The update describes it as part of an internal reorganisation within the Mehta family.
Capital structure
Equity share capital of the company remains unchanged at INR 1,11,28,72,800, consisting of 11,12,87,280 equity shares of INR 10 each, both before and after the transaction, including on a diluted basis.
What it means for investors
This is a promoter-family restructuring rather than a market purchase or sale. As recorded in the SEBI order, it does not alter the issued share capital, the public shareholding, or the aggregate promoter and promoter group shareholding, and does not result in any change in control or management of the company.
Also from Saurashtra Cement
Board meeting on 4 November 2026 to consider and approve Q2 and half year un-audited results
22 Oct 2026
Board approves appointment of Anurag Tiwari as Managing Director – Designate, Senior Management Personnel
12 Oct 2026
Board approves Anurag Tiwari as Managing Director – Designate, effective 16 October 2026
12 Oct 2026
More numbers
- Galaxy shares transferred2,49,999 equity shares
- Stake in Galaxy transferred49.99%
- Shares of target held by Galaxy1,62,15,400
- Voting rights indirectly acquired14.57%
- Direct holding before43,730
- Direct holding % before0.04%
- Total holding after1,62,59,130
- Total % after14.61%
- Equity share capital (unchanged)INR 1,11,28,72,800
- Total equity shares11,12,87,280
- Face value per shareINR 10
- Shares held directly by acquirer100 equity shares
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