Ashutosh Fibre: Corporate Promoter Has 75.02% Public Holding

Ashutosh Fibre identifies Prahash Fin-Stock Private Limited as a corporate promoter, although 1,20,034 of its 1,60,000 shares, or 75.02%, are classified as public holdings. Siddharth Prakash Patel and six promoter-group holders own the other 39,966 shares, or 24.98%, according to the corporate promoter’s disclosed shareholding table.

How is Prahash Fin-Stock owned?

Prahash Fin-Stock is 75.02% held by shareholders classified as public and 24.98% held by Siddharth and promoter-group members. The table in Ashutosh Fibre’s Red Herring Prospectus lists 1,60,000 Prahash Fin-Stock shares as at the prospectus date, assigning each shareholder a category, number of shares and percentage holding.

Siddharth owns 34,061 Prahash Fin-Stock shares, representing 21.29% of the corporate promoter’s equity. The six promoter-group holders own 5,905 shares in total: Prakashbhai Purushottamdas Patel holds 308 shares, Bina Prakashbhai Patel 411, Anar Siddharthbhai Patel 411, Shaan Siddharthbhai Patel 411, Vivaan Siddharth Patel 246 and Palak Prakashbhai Patel 4,118.

The 39,966 promoter and promoter-group shares equal 24.98% of Prahash Fin-Stock’s 1,60,000 shares. The remaining 1,20,034 shares are classified as public, producing the 75.02% public-category holding from the disclosed share counts; the individual percentages in the prospectus table are rounded.

The ownership split means the corporate-promoter designation and ownership of Prahash Fin-Stock are separate disclosures. Prahash Fin-Stock is named as one of Ashutosh Fibre’s three promoters, but the disclosed register does not show Siddharth and the promoter group holding a majority of Prahash Fin-Stock’s own 1,60,000 shares.

What does Ashutosh Fibre’s corporate promoter label establish?

Ashutosh Fibre’s corporate promoter label establishes that Prahash Fin-Stock is one of its named promoters, alongside Siddharth and Abhishek Rajendrakumar Agarwal. Ashutosh Fibre states that the three promoters collectively hold 63,57,600 equity shares, representing 40.37% of its issued, subscribed and paid-up equity share capital at the Red Herring Prospectus date.

The supplied disclosure does not allocate the 63,57,600 Ashutosh Fibre shares between Siddharth, Abhishek and Prahash Fin-Stock. As a result, Prahash Fin-Stock’s 24.98% promoter-and-promoter-group ownership cannot determine its direct Ashutosh Fibre stake or Siddharth’s indirect economic interest through the corporate promoter.

Prahash Fin-Stock was incorporated on July 5, 1990, under the Companies Act, 1956, with Corporate Identification Number U67120GJ1990PTC013991. Its registered address is 111-New Cloth Market, Raipur, Ahmedabad, Gujarat, and its stated objects include acquiring movable and immovable property and investing in securities including shares, stocks, debentures, bonds and notes.

Ashutosh Fibre states that there has been no change in Prahash Fin-Stock’s activity. The company’s stated investment and property-holding objects explain its description as a corporate promoter, but they do not alter the disclosed 75.02% public-category shareholding within Prahash Fin-Stock.

How concentrated are Prahash Fin-Stock’s public holdings?

Prahash Fin-Stock’s four largest public-category shareholders own 96,068 shares, or 60.04% of its total equity. Swapnil Patel holds 28,799 shares or 18.00%, Malav Pravinchandra Patel holds 28,759 shares or 17.97%, Rahul Shyamsunder Patel holds 21,828 shares or 13.64%, and Raj S. Patel holds 16,682 shares or 10.43%.

The four largest public-category holdings represent 80.04% of the 1,20,034 shares classified as public, based on the disclosed register. This calculation measures concentration within Prahash Fin-Stock’s public category, rather than ownership of Ashutosh Fibre, whose promoters collectively hold 40.37% of its separately issued equity capital.

Other disclosed public-category holders include Sejal Patel with 10,560 shares, or 6.60%; Chitali Patel with 5,711 shares, or 3.57%; and Ritu Pravinchandra Patel with 4,118 shares, or 2.57%. Smaller public entries include Pitex Corporation with 13 shares and Thakorlal Ambalal with eight shares, each stated as 0.01% of Prahash Fin-Stock.

Ashutosh Fibre states that the top 10 public shareholders of Prahash Fin-Stock are not related to its promoter, promoter group or directors under the definition of relative in Section 2(77) of the Companies Act, 2013. That confirmation concerns the top 10 public shareholders and does not describe voting agreements, shareholder arrangements or a common-control mechanism among the 1,20,034 public-category shares.

Who directs Prahash Fin-Stock and has control changed?

Prahash Fin-Stock has three disclosed directors, while Ashutosh Fibre reports no change in its control during the three years preceding the Red Herring Prospectus filing. The directors are Samir Narendrakumar Patel, with Director Identification Number 01421561; Jitendra Shankarlal Patel, with 07416142; and Bharatbhai Parshottamdas Patel, with 00056150.

None of the three directors is identified as a shareholder in Prahash Fin-Stock’s disclosed 1,60,000-share table. The prospectus identifies shareholders by category and share count, but it does not state which person or group held the controlling interest during the three-year period or how control operates alongside the 75.02% public-category holding.

Ashutosh Fibre separately says there has been no change in its own management or control during the five years preceding the Red Herring Prospectus date. The five-year statement applies to Ashutosh Fibre, whereas the three-year confirmation applies to Prahash Fin-Stock, making them disclosures about different entities and reporting periods.

The prospectus also states that Ashutosh Fibre’s promoters and promoter-group members have not been declared wilful defaulters or fraudulent borrowers by a bank, financial institution or consortium under Reserve Bank of India guidelines. It further states that the promoters and promoter-group members have not been prohibited from accessing capital markets under an order of the Securities and Exchange Board of India or another government authority.

Conclusion

Ashutosh Fibre’s disclosure presents two distinct ownership layers. Its three named promoters collectively hold 63,57,600 Ashutosh Fibre shares, or 40.37%, while the corporate promoter Prahash Fin-Stock has 1,20,034 of 1,60,000 shares, or 75.02%, classified as public and 39,966 shares, or 24.98%, held by Siddharth and six promoter-group holders.

The point to watch is a later disclosure that allocates Prahash Fin-Stock’s direct Ashutosh Fibre shareholding or explains the basis of control at Prahash Fin-Stock. The Red Herring Prospectus reports no change in Prahash Fin-Stock control over the preceding three years, but does not identify the controlling interest or disclose voting arrangements among its shareholders.