Amtech Promoter Group Stake Falls to 45.51% Following IPO

Amtech’s promoter and promoter-group stake is projected to fall to 45.51% from 62.65% following the initial public offering, or IPO, because 23,84,000 newly issued equity shares would expand total paid-up shares to 88,29,168. Public shareholders would collectively hold 54.48% after allotment, assuming full subscription of the offer.

How will Amtech promoter group stake fall to 45.51% following the IPO?

Amtech’s promoter and promoter-group stake will decline by 17.14 percentage points, from 62.65% before the offer to 45.51% after it. The change arises from a fresh issue, in which Amtech creates new shares rather than existing shareholders selling their holdings. Promoters and promoter-group entities would retain 40,18,776 shares, but those shares would form a smaller portion of the enlarged capital.

Amtech has 64,45,168 fully paid equity shares before the offer, each with a face value of Rs 10, and proposes to issue 23,84,000 further shares. The fresh issue equals 36.99% of the pre-offer share count and would take total shares to 88,29,168. The disclosed post-offer ownership figures depend on full subscription and the final basis of allotment.

Who will hold Amtech shares after the fresh issue?

Amtech’s three promoters will collectively hold 36.27% after the offer, while the promoter group will hold 9.24%. Ajit Singh Bawa would remain the largest promoter shareholder with 18,27,664 shares, although his percentage would decline from 28.36% to 20.70%. Meenakshi Sharma’s 11,51,816 shares would equal 13.05%, while Gurpreet Kaur Bawa’s 2,23,296 shares would equal 2.53%.

The post-offer promoter group comprises Harvind Singh Bawa, Gurveen Kaur Bawa and Bawa Resins Private Limited. Their combined 8,16,000 shares would remain unchanged but decline from 12.66% to 9.24% of the enlarged capital. Bawa Resins Private Limited would account for 8,00,000 shares, or 9.06% of post-offer capital, making it the principal promoter-group holder outside the three promoters.

The public category would increase from 24,26,392 shares to 48,10,392 shares, including the 23,84,000 shares issued in the IPO. Gemini Alternatives LLP holds 5,49,167 pre-offer shares and is projected to hold 6.22% after the offer. The IPO shares alone would represent 27.00% of post-offer capital, which explains why public ownership would exceed the combined promoter and promoter-group stake.

Does a 45.51% stake change Amtech’s voting balance?

Amtech’s projected 45.51% promoter and promoter-group stake would be below half of the equity capital, while the public category would hold 54.48%. Each Amtech equity share carries one vote, so the stated ownership percentages also describe voting-right percentages. Amtech has one class of fully paid equity shares and reported no outstanding convertible instruments as of the red herring prospectus date.

The post-offer figures show the formal ownership distribution but do not establish an outcome for a particular shareholder vote. The public category includes existing shareholders and future allottees of the fresh issue, while the offer document does not identify the final allottees beyond investor categories. The ownership outcome remains subject to full subscription, finalisation of the basis of allotment and the prospectus update.

Amtech had 38 shareholders as of August 28, 2026, and all existing equity shares were held in dematerialised form. Amtech says it will file its shareholding pattern under Regulation 31 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, one day before listing. That filing is to be uploaded on BSE SME before trading begins and would provide the operative ownership record at listing.

What restrictions apply to Amtech promoter shares after allotment?

Amtech has identified 17,69,600 promoter shares, equal to 20.04% of post-offer capital, as minimum promoter contribution subject to a three-year lock-in. Under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the 20% minimum promoter contribution is locked in for three years from commencement of commercial production or IPO allotment, whichever is later. The identified shares are held by Ajit Singh Bawa, Meenakshi Sharma and Gurpreet Kaur Bawa.

A further 7,18,400 promoter shares, representing 8.13% of post-offer capital, are subject to a two-year lock-in. The remaining pre-issue promoter and public shareholding of 39,57,168 shares is to be locked in for one year from public-issue allotment. Amtech states that shares included in the minimum promoter contribution are not pledged.

The lock-in restricts transfers of the specified shares but does not alter the dilution created by the fresh issue. Amtech states that locked-in shares may be pledged in specified circumstances under Regulation 242, including as collateral for qualifying loans. The lock-in continues even if a pledge is invoked, while the 45.51% projected stake depends on the assumed issue and allotment rather than a promoter sale.

How did Amtech reach its pre-IPO share capital?

Amtech reached 64,45,168 pre-offer shares after issuing 32,22,584 bonus shares in a 1:1 ratio on February 19, 2026. A bonus issue capitalises eligible reserves and gives shareholders additional shares proportionately, so it does not by itself change relative ownership percentages. Amtech also increased authorised capital to 1,00,00,000 equity shares of Rs 10 each on February 19, 2026.

Before the February 2026 bonus issue, Amtech issued 24,16,938 bonus shares in a 3:1 ratio on September 30, 2023. Amtech had also completed a rights issue of 1,05,646 shares at Rs 239 each on March 31, 2023. The February 2026 bonus issue used fiscal 2024-25 reserves and surplus that included Rs 10.331 crore of surplus and Rs 0.24 lakh of securities premium, whereas the IPO would change percentage ownership by issuing new shares while promoter and promoter-group share counts remain fixed.

Conclusion

Amtech’s projected post-offer capital structure would place 54.48% of equity with public shareholders and 45.51% with promoters and the promoter group, compared with 37.65% and 62.65%, respectively, before the offer. The shift results from dilution through 23,84,000 newly issued shares, not from a disclosed sale by promoters or promoter-group entities, whose combined holding would remain 40,18,776 shares.

The post-allotment shareholding pattern is the next disclosed item to watch because the stated ownership percentages assume full subscription and remain subject to the final basis of allotment. Amtech also states that it has no present proposal to alter its capital structure for six months from the issue opening, except for possible equity-linked financing related to an acquisition, merger, joint venture, regulatory compliance or another board-approved arrangement.