Ami Ridhish Patel holds 76.19% of equity capital before IPO

Ami Ridhish Patel holds 1,80,81,180 Equity Shares, equal to 76.19% of the company’s pre-Issue paid-up equity capital. The Red Herring Prospectus (RHP) records the three promoters with 2,20,04,214 of 2,37,31,386 shares, or 92.72%, leaving public shareholders with 7.28% before the proposed fresh issue.

How concentrated is Ami Ridhish Patel’s ownership before the IPO?

Ami Ridhish Patel’s ownership is concentrated because the 76.19% individual stake represents most of the promoters’ combined 92.72% holding. The other two promoters hold 39,23,034 Equity Shares together, or 16.53% of the pre-Issue capital: Kiritkumar Chimnabhai Patel holds 25,21,542 shares, or 10.62%, and Ridhish Kiritbhai Patel holds 14,01,492 shares, or 5.91%.

The RHP records only eight Equity Share holders, comprising three promoters and five public shareholders. Public holders own 17,27,172 shares, or 7.28%, compared with Ami Ridhish Patel’s 1,80,81,180 shares. The largest disclosed public holder, Jayshree Kamal Patel, owns 5,40,000 shares, or 2.27% of pre-Issue capital.

How did Ami Ridhish Patel build the 76.19% holding?

Ami Ridhish Patel’s disclosed shareholding was built through preferential allotments, gift transfers, a rights issue and a bonus issue. The promoter build-up records 3,00,000 Equity Shares allotted on January 1, 2013 at Rs 10 each, followed by 12,50,000 shares allotted on February 27, 2013 at Rs 10 each. The March 30, 2018 rights issue added 10,13,630 shares at Rs 85 per share.

The disclosed build-up also includes a March 15, 2017 gift of 55,000 shares and four gifts of 97,500 shares each. These transfers were described as gifts and therefore had nil transfer price. The RHP identifies the transferors as Ridhish Kirtibhai Patel, Ridhish Kirtibhai Patel Hindu Undivided Family, Kirtikumar Chinabhai Patel Hindu Undivided Family, Maithali Ridhish Patel and Grishma Ridhish Patel.

The largest addition was a February 12, 2024 bonus allotment of 1,50,67,650 shares to Ami Ridhish Patel. The company issued the bonus shares in a 5:1 ratio, meaning five Equity Shares for every share held, using free reserves. The company’s total Equity Shares rose to 2,37,31,386 from 39,55,231 after the issue of 1,97,76,155 bonus shares.

The statutory auditor certified Ami Ridhish Patel’s average acquisition cost at Rs 5.63 per Equity Share as of September 15, 2026. The disclosed cost is an average across the acquisition history, which includes cash allotments, nil-price gifts and the February 2024 bonus issue rather than a single purchase price.

What will the fresh issue change in Ami Ridhish Patel’s ownership?

Ami Ridhish Patel’s percentage holding will decline if the fresh issue is completed because the company will issue additional Equity Shares while the disclosed holding is pre-Issue. The RHP provides for a fresh issue aggregating up to Rs 300 crore, but leaves the issue price, number of new shares and post-Issue ownership percentages blank. The final dilution of the 76.19% stake therefore cannot be calculated from the disclosed capital-structure tables.

Before the issue, the company has 2,37,31,386 issued, subscribed and paid-up Equity Shares of face value Rs 10 each. The Board authorised the issue on May 3, 2024, and shareholders approved it through a special resolution on May 9, 2024. The post-Issue capital depends on the final issue price and assumes full subscription, both of which determine the final number of Equity Shares issued.

The company also states that, apart from the issue, it does not intend to alter its capital structure for six months from the Bid or Issue Opening Date. The stated restriction covers a share split, consolidation, bonus issue, rights issue, preferential issue, further public offering and convertible or exchangeable securities. On that disclosure, the fresh issue is the stated mechanism that will change the immediate ownership denominator.

What lock-in restrictions apply to promoter shares?

Ami Ridhish Patel’s shares will be subject to the lock-in framework applicable to promoters after allotment. Under the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements Regulations, at least 20% of fully diluted post-Issue Equity Share capital held by promoters must form the minimum promoters’ contribution and be locked in for 18 months from allotment. Promoter holdings above that 20% threshold are required to be locked in for six months.

The RHP has not completed the table identifying the Equity Shares that will make up the 18-month minimum promoters’ contribution. It also says the entire pre-Issue Equity Share capital will be locked in for six months from allotment. The company states that no Equity Shares held by promoters or promoter-group members are pledged or otherwise encumbered as of the RHP date, and that promoter holdings are in dematerialised form.

Locked-in promoter shares may be pledged to scheduled commercial banks, public financial institutions, systemically important non-banking financial companies or housing finance companies, subject to the regulations. The RHP also permits specified transfers among promoters, promoter-group members, a new promoter or the company, provided the lock-in continues for the remaining period in the transferee’s hands.

Has the pre-IPO ownership changed in recent periods?

Ami Ridhish Patel’s disclosed 76.19% holding did not change across the four comparison dates reported in the RHP. The major-shareholder tables show 1,80,81,180 shares at the RHP date, 10 days before that date, one year before that date and two years before that date. Kiritkumar Chimnabhai Patel’s 10.62% and Ridhish Kiritbhai Patel’s 5.91% holdings are also unchanged across those four tables.

The major-shareholder tables cover holders with at least 1% of paid-up capital, not all eight shareholders. Their aggregate share count is 2,37,30,786, while the paid-up capital is 2,37,31,386 shares. The 600-share difference corresponds to Shah Hetalkumar Narendrabhum, listed separately in the broader shareholding disclosure with a negligible holding below 1%.

The five public shareholders include Jayshree Kamal Patel with 2.27%, three shareholders with 1.67% each, and Shah Hetalkumar Narendrabhum with 600 shares. This structure means that the 7.28% public stake is distributed among five holders, while 92.72% remains with the three disclosed promoters before the fresh issue.

Conclusion

Ami Ridhish Patel’s 76.19% holding is the defining feature of the pre-Issue ownership structure, within a 92.72% combined promoter stake and a 7.28% public stake. The position was built through 2013 preferential allotments, 2017 gift transfers, the 2018 rights issue and the February 2024 bonus issue, which increased the company’s share count sixfold.

The next ownership figures to watch are the final issue price, the number of Equity Shares issued for the fresh issue of up to Rs 300 crore, and the resulting post-Issue shareholding percentages. The company must also complete the minimum promoters’ contribution table before filing the Prospectus with the Registrar of Companies, identifying the shares subject to the 18-month lock-in.