Baba Arts completes transfer, Skybridge reaches 74.67% stake

Baba Arts Limited completed the share purchase agreement-linked ownership transfer on 3 November 2026, with Skybridge Interactive LLP reaching 74.67% after acquiring the final 65 lakh shares for Rs 3.90 crore. The transfer reduced promoter Gordhan P. Tanwani’s direct holding from 12.38% to nil.

What did Baba Arts disclose on 3 November 2026?

Baba Arts disclosed that Mr. Tanwani transferred 65 lakh fully paid equity shares to Skybridge Interactive LLP as the final tranche under the share purchase agreement dated 25 February 2026. The off-market transfer represented 12.38% of Baba Arts’ paid-up equity capital and took place at Rs 6 per share, resulting in stated consideration of Rs 3.90 crore.

The depository recorded the transfer on Tuesday, 3 November 2026, and Baba Arts said it received intimation at 4:25 p.m. that day. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India, or SEBI, Listing Obligations and Disclosure Requirements Regulations, 2015, which covers specified material events by listed companies.

The final tranche followed a first tranche transferred on 6 October 2026. Baba Arts described the first transfer as 3,27,00,000 equity shares, representing 62.29% of its paid-up equity share capital, meaning the two SPA-linked transfer events occurred less than a month apart.

How did Skybridge’s Baba Arts stake change?

Skybridge Interactive LLP’s holding rose by 12.38 percentage points, from 62.29% before the final transfer to 74.67% afterward. Baba Arts’ annexure records the acquirer’s holding increasing from 3,27,00,600 shares to 3,92,00,600 shares following the 3 November transaction.

The annexure includes 600 equity shares acquired by Skybridge Interactive LLP through the open offer. This explains why the annexure’s pre-final-transfer holding of 3,27,00,600 shares is 600 shares higher than the 3,27,00,000 shares described in the filing’s account of the 6 October first tranche.

Baba Arts’ total paid-up equity capital remained 5,25,00,000 shares of face value Rs 1 each before and after the final transfer. The announced change was therefore a movement of ownership between the promoter side and the acquirer, rather than an issuance, cancellation or other alteration in the number of outstanding shares.

What was the value and mechanism of the final tranche?

The final 65 lakh-share tranche was valued at Rs 3.90 crore because Baba Arts stated a transfer price of Rs 6 per share. The price and aggregate value apply specifically to the 12.38% final tranche transferred on 3 November 2026 through an off-market mechanism.

An off-market transfer is distinct from a purchase executed through the exchange order book, and Baba Arts identified the depository record as the point at which the transfer was effected. The announcement does not state the name of the depository, the payment timing, or any consideration amount for the 6 October transfer of 3,27,00,000 shares.

The disclosure links both transfer stages to the SPA dated 25 February 2026. However, Baba Arts did not disclose an aggregate monetary value for the 3,92,00,600 shares held by Skybridge Interactive LLP after the final transfer, because the announcement provides stated consideration only for the Rs 3.90 crore final tranche.

What changed for the promoter group and public shareholders?

Mr. Tanwani’s direct Baba Arts holding fell from 65 lakh shares, or 12.38%, to nil after the final transfer. The existing promoter and promoter-group subtotal declined from 65,08,000 shares, or 12.39%, to 8,000 shares, or 0.01%.

The remaining 8,000 promoter-group shares are held by Mr. Pravin J. Karia, according to the annexure. His holding was unchanged at 0.01% before and after the 3 November transfer, making Mr. Tanwani’s disposal the source of the promoter-side reduction shown in the table.

Public shareholding remained unchanged at 1,32,91,400 shares, or 25.32%, on both sides of the final transfer. The combined promoter/promoter-group and Skybridge Interactive LLP holding was also unchanged at 74.68%, showing that the final transaction redistributed shares within that combined block rather than changing public ownership.

Does the announcement complete the ownership handover?

The announcement confirms completion of the final SPA-linked tranche, with Skybridge Interactive LLP reported at 74.67% after 3 November 2026. Baba Arts calls the 65 lakh-share movement the “final tranche,” while the earlier 62.29% tranche was reported as transferred on 6 October 2026.

The announced sequence consists of the first tranche of 3,27,00,000 shares and the final tranche of 65 lakh shares, alongside 600 shares Skybridge Interactive LLP acquired under the open offer. This resulted in the annexure’s post-transfer acquirer total of 3,92,00,600 shares out of 5,25,00,000 shares.

Baba Arts also said the existing promoter and promoter group will continue to be shown in that category until reclassification under Regulation 31A of the Listing Regulations. The filing therefore separates Mr. Tanwani’s nil direct shareholding from the continuing regulatory classification, and it does not disclose a timetable for the reclassification process.

Conclusion

The disclosed transfers placed 74.67% of Baba Arts’ equity with Skybridge Interactive LLP after the final 12.38% tranche was recorded on 3 November 2026. The Rs 3.90 crore final transaction moved 65 lakh shares at Rs 6 each, while the earlier 6 October transfer accounted for 62.29% of the paid-up capital and public ownership remained at 25.32%.

The next disclosed matter to watch is promoter-group reclassification under Regulation 31A, as Baba Arts says the existing promoter and promoter group will retain that classification until the process is completed. The filing also leaves the consideration for the 3,27,00,000-share first tranche undisclosed, so it does not provide a total stated value for Skybridge Interactive LLP’s 74.67% holding.