Promoter defers proposed gift transfer of 70,00,000 equity shares between promoters

Promoter group member Akash Agarwal has informed the exchanges that the earlier proposed inter-se transfer of 70,00,000 equity shares is being postponed.

Thu 1 Oct 2026

Shares Subject to Transfer

70,00,000 equity shares

Transfer Type

Gift from Mr. Ram Chandra Agarwal through off-market inter-se transfer between promoters/immediate relatives

Transferee

Akash Agarwal (promoter group member)

Deferral Reasons

Technical issues and freezing of PAN during trading window closure from 1st October, 2026 until 14th November, 2026

Prior Intimation Date

23rd September, 2026

What was announced

Mr. Akash Agarwal, an acquirer and member of the promoter group, has told the stock exchanges that the proposed acquisition of 70,00,000 (Seventy Lakh) equity shares of the company is being postponed and will not be proceeded with at this stage.

The original plan

• The shares were to be received as a gift from Mr. Ram Chandra Agarwal.
• The route was an off-market inter-se transfer between promoters/immediate relatives.
• A prior intimation was shared with the exchanges on 23rd September, 2026 under the Takeover Regulations.

Why it was deferred

• Certain technical issues were encountered while effecting the transfer.
• The transfer could not be processed later because of the freezing of the PAN during the trading window closure.
• The trading window closure commenced on 1st October, 2026 and remains closed until 14th November, 2026, or 48 hours after declaration of the unaudited financial results for the quarter and half year ended 30th September, 2026, whichever is applicable, as per the company's Code of Conduct for Prevention of Insider Trading.

What happens next

The transferor and transferee propose to carry out the inter-se transfer at a later date, subject to completion of the necessary procedural and regulatory requirements. A fresh intimation will be made to the stock exchanges, following the same process and route, before the transfer is attempted again.

How to read this

An inter-se transfer by way of gift moves shares within the promoter family. Such a move changes individual promoter holdings but does not by itself bring in outside money or a new owner. The deferral means the holding pattern stays as it is for now. This is a disclosure by the acquirer, not a decision about the company's business or operations.

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