Abhishek Jindal’s stake reached 80.97% after bonus and gifts

Abhishek Jindal held 80.97% of the pre-offer equity capital at the Red Herring Prospectus date, up from 10.32% two years earlier. The disclosed change followed a September 2023 transfer, a 20:1 bonus issue in November 2025 and four family gifts totalling 1,10,04,941 shares between December 2025 and March 2026.

How did Abhishek Jindal’s stake reach 80.97%?

Abhishek Jindal’s stake reached 80.97% through transfers, a share split, a proportionate bonus issue and family gifts, rather than through one new cash subscription. Two years before the Red Herring Prospectus, Abhishek Jindal held 19,795 shares, representing 10.32% of the then paid-up equity capital. At the Red Herring Prospectus date, Abhishek Jindal held 3,26,15,661 equity shares of face value Rs 10 each.

The reported percentage increased by 70.65 percentage points over the two-year comparison, although the outstanding share base also changed. One year before the Red Herring Prospectus, Abhishek Jindal held 1,02,432 shares, or 53.40% of the paid-up capital at that point. The 43.08-percentage-point rise from 10.32% to 53.40% followed, among disclosed transactions, a net September 29, 2023 transfer of 82,637 shares.

The September 29, 2023 transactions comprised 82,687 shares transferred from Madan Lal Jindal and Parmeshwari Devi Jindal, offset by a transfer of 50 shares from Abhishek Jindal to Abhishek Jindal HUF. The 82,687 incoming shares represented transfers of 43,278 shares from Madan Lal Jindal and 39,409 shares from Parmeshwari Devi Jindal. The comparison is based on the company’s disclosed percentages, each measured against the paid-up capital existing at the relevant reporting point.

What did the 20:1 bonus issue change for Abhishek Jindal?

The 20:1 bonus issue added 2,04,86,400 shares to Abhishek Jindal’s holding on November 12, 2025. Before that allotment, a subdivision had converted Abhishek Jindal’s 1,02,432 shares of face value Rs 100 each into 10,24,320 shares of face value Rs 10 each. The bonus allotment increased the holding from 10,24,320 shares to 2,15,10,720 shares before the subsequent gifts.

The company subdivided every fully paid equity share of face value Rs 100 into 10 equity shares of face value Rs 10 after board and shareholder resolutions dated August 27, 2025 and August 30, 2025. That subdivision changed the number and denomination of shares but did not itself change a holder’s proportional interest. The company’s total issued, subscribed and paid-up share count rose from 1,91,822 pre-split shares to 19,18,220 post-split shares.

The company allotted 3,83,64,400 bonus shares of face value Rs 10 each from free reserves on November 12, 2025, taking total paid-up shares to 4,02,82,620. A bonus issue distributes shares to existing holders in the stated ratio, so it does not itself move ownership between holders. Sonam Jindal, the other named promoter, received 4,08,000 bonus shares and held 4,28,400 shares, or 1.06% of pre-offer capital, at the Red Herring Prospectus date.

The disclosures state that the company had no preference share capital and no subsisting employee stock option scheme at the Red Herring Prospectus date. They also state that, apart from the November 2025 transaction, the company had not issued equity shares by way of bonus shares. These statements identify the disclosed mechanisms that expanded the share count before the offer.

Which family gifts increased Abhishek Jindal’s holding?

Four family gifts increased Abhishek Jindal’s holding by 1,10,04,941 shares at nil consideration between December 5, 2025 and March 26, 2026. The first gift was 52,95,000 shares from Janak Raj Jindal on December 5, 2025 under a gift deed dated that day. The promoter holding build-up table records that block as 13.14% of pre-offer equity capital.

The three March 26, 2026 gifts totalled 58,09,941 shares. Janak Raj Jindal gifted 10,05,950 shares, Jayshree Jindal gifted 29,44,100 shares, and Janak Raj Jindal & Sons HUF gifted 18,59,891 shares. The company recorded those blocks as 2.50%, 7.31% and 4.62%, respectively, of pre-offer equity capital.

The gifts changed the distribution of existing shares among the promoter and promoter group without adding equity shares to the company’s capital. One year before the Red Herring Prospectus, Janak Raj Jindal held 15.64%, Jayshree Jindal held 7.31%, and Janak Raj Jindal & Sons HUF held 13.46%. At the Red Herring Prospectus date, the HUF held 35,61,259 shares, or 8.84%, while Janak Raj Jindal and Jayshree Jindal held positions below 1%.

The gifts account for 27.32 percentage points of the 80.97% pre-offer holding when measured using the individual percentages stated in the build-up table. Their effect on Abhishek Jindal’s final position depended on the company having already completed the share subdivision and the 20:1 bonus issue. The source identifies the transfers as gifts and records nil transfer prices in the six-month transaction disclosure.

How concentrated was ownership before the offer?

Ownership before the offer was entirely held by promoters and the promoter group, with seven shareholders holding all 4,02,82,620 equity shares. The shareholding pattern reports no public shareholders, non-promoter non-public holders, employee trusts or other trusts. The company had one class of equity share, and each Rs 10 equity share carried one vote.

Abhishek Jindal and Sonam Jindal together held 3,30,44,061 shares, representing 82.03% of pre-offer equity capital. Abhishek Jindal accounted for 3,26,15,661 shares, or 80.97%, while Sonam Jindal accounted for 4,28,400 shares, or 1.06%. The remaining 17.97% was held by members of the promoter group.

The two principal promoter-group holders were VVJ Enterprise Private Limited with 36,66,600 shares, or 9.10%, and Janak Raj Jindal & Sons HUF with 35,61,259 shares, or 8.84%. Together with Abhishek Jindal and Sonam Jindal, these four holders owned 4,02,71,920 shares, or 99.97% of the pre-offer capital. The remaining 10,700 shares were held through promoter-group positions individually below 1%.

The company stated that none of the equity shares held by promoters or the promoter group was pledged or otherwise encumbered. It also stated that all promoter and promoter-group equity shares were in dematerialised form, meaning they were held electronically. Those disclosures apply to the reported pre-offer ownership structure rather than to the post-offer distribution.

What lock-in and capital plans apply after the offer?

At least 20% of post-offer equity capital held by promoters is proposed to be locked in for 18 months from allotment under the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations. Promoter holdings above the minimum promoter contribution are to be locked in for six months from allotment. The Red Herring Prospectus says all promoter-held shares are eligible for promoter contribution, subject to the applicable regulations.

The prospectus specifies conditions for the minimum promoter contribution, including that it must not include certain shares acquired for non-cash consideration during the preceding three years. It also says that the final table identifying the equity shares forming the 18-month locked-in contribution would be updated at the prospectus stage. The disclosed lock-in allocation therefore remained unspecified in the Red Herring Prospectus.

The company said it did not intend to alter its capital structure for six months from the offer opening date through a split, consolidation, bonus issue, rights issue, preferential issue or further public issue. That statement is qualified because the company may make such a change if business needs require it and necessary approvals are obtained. A future capital action could alter share counts, while the stated restriction sets the company’s disclosed initial plan.

Conclusion

Abhishek Jindal’s 80.97% pre-offer stake was a recent result of identifiable ownership changes. The September 2023 transfers lifted the reported holding to 53.40% one year before the Red Herring Prospectus, while the November 2025 bonus issue expanded holdings proportionately and the December 2025 and March 2026 gifts moved 1,10,04,941 shares into Abhishek Jindal’s name. The outcome was a pre-offer capital structure in which promoters and the promoter group owned 100% of the company.

The next disclosed matters to watch are the final prospectus table allocating the 20% promoter contribution subject to an 18-month lock-in and any capital-structure change during the stated six-month period. The company has reserved the ability to change its capital structure if business needs require and approvals are obtained, while promoter holdings exceeding the minimum contribution are proposed to remain locked in for six months from allotment.