Black Opal Consultants Limited: Chauhan stake reached 94.18%

Black Opal Consultants Limited reported that Managing Director Prasoon Chauhan held 7,85,370 equity shares, or 94.18%, on June 30, 2025, compared with 6,10,000 shares, or 73.15%, on March 31, 2024. Ishan Agarwal’s reported stake fell from 18.29% to zero over that reporting-date comparison.

How did Black Opal Consultants Limited ownership become concentrated?

Black Opal’s ownership became more concentrated because Prasoon Chauhan’s stake increased by 1,75,370 shares, or 21.03 percentage points, between March 31, 2024 and March 31, 2025. He held 7,85,370 of the 8,33,919 outstanding equity shares at March 31, 2025, compared with 6,10,000 shares at March 31, 2024. His 94.18% holding was unchanged at June 30, 2025.

The increase occurred without a reported change in outstanding equity shares in the relevant period. Black Opal recorded 8,33,919 equity shares on March 31, 2024, March 31, 2025 and June 30, 2025. The movement in ownership percentages during fiscal 2024-25 therefore reflects changes among shareholders rather than a fresh or bonus share issue during that year.

The comparison also shows that the changes were not completed in one disclosed reporting period for every shareholder. Mandeep Singh Sobti still held 48,544 shares, or 5.82%, on March 31, 2025, but was recorded at zero on June 30, 2025. Prasoon Chauhan’s share count was unchanged at 7,85,370 across those two later dates.

What happened to Ishan Agarwal’s Black Opal stake?

Ishan Agarwal’s Black Opal holding was reported as zero on both March 31, 2025 and June 30, 2025, after being 1,52,500 shares, or 18.29%, on March 31, 2024 and March 31, 2023. The promoter-shareholding statement records a negative 18.29% change for Ishan Agarwal during the year ended March 31, 2025. The supplied disclosure therefore confirms that he no longer held shares at the later reporting dates.

The restated share-capital statement does not identify the transaction date, consideration, purchaser or legal mechanism behind Ishan Agarwal’s exit. It also does not state that all 1,52,500 shares moved directly to Prasoon Chauhan. Prasoon Chauhan’s increase of 1,75,370 shares was 22,870 shares greater than Ishan Agarwal’s former holding, while Mandeep Singh Sobti retained 48,544 shares as of March 31, 2025.

The June 30, 2025 position provides a later ownership snapshot but not a complete transfer trail. The more-than-5% shareholder table shows Mandeep Singh Sobti at zero on that date, while the promoter table lists Sheikh Afreen Ahmed with 8,340 shares, or 1.00%. The supplied pages do not allocate all changes in ownership among named and unnamed shareholders.

How concentrated was Black Opal ownership at June 2025?

Black Opal’s reported ownership was concentrated in Prasoon Chauhan on June 30, 2025 because his 94.18% stake was the only holding shown above the 5% disclosure threshold. He held 7,85,370 of 8,33,919 equity shares. Ishan Agarwal and Mandeep Singh Sobti were each recorded at zero in the more-than-5% shareholder table at that date.

The promoter disclosure separately identifies Sheikh Afreen Ahmed with 8,340 shares, or 1.00%, at June 30, 2025. That table records one share and 0.00% for Sheikh Afreen Ahmed at March 31, 2025, and zero shares at March 31, 2024. Based on the stated percentages, Prasoon Chauhan and Sheikh Afreen Ahmed together accounted for 95.18% of equity shares at June 30, 2025.

The concentration figure must be read within the reporting scope. The shareholder table names only holders with more than 5% of shares, while the promoter statement separately names promoters. Holdings below 5% that are not promoters are not itemised in the supplied statement, so it does not provide a full register of the remaining shareholders.

Prasoon Chauhan’s 94.18% stake carries voting rights proportionate to shareholding under Black Opal’s stated equity-share terms. Equity holders are also entitled to dividends when declared. His percentage would remain the same only if the share count and his holding remain unchanged, or if later issuances preserve his proportionate ownership.

Did Black Opal issue shares before the ownership change?

Black Opal increased its outstanding equity shares to 8,33,919 in fiscal 2022-23, rather than between March 31, 2024 and June 30, 2025. The share reconciliation records 48,919 fresh equity shares and 7,72,500 bonus equity shares in fiscal 2022-23, taking the year-end total from 12,500 to 8,33,919. It reports no fresh or bonus shares in fiscal 2023-24, fiscal 2024-25 or the quarter ended June 30, 2025.

The earlier capital actions included a fiscal 2021-22 private placement of 2,500 equity shares at a premium of Rs 410 per share, aggregating Rs 10.50 lakh. In fiscal 2022-23, Black Opal issued 48,919 equity shares at a premium of Rs 403.9 per share, aggregating Rs 2.02 crore. Both private placements were made for cash consideration under Section 42 of the Companies Act, 2013.

Black Opal also issued 7,72,500 fully paid bonus shares in a 60:1 ratio during fiscal 2022-23. That bonus issue changed the share count, but it does not explain the later rise in Prasoon Chauhan’s stake because his percentage was reported at 73.15% on both March 31, 2023 and March 31, 2024. The reported concentration change began during fiscal 2024-25, when outstanding shares remained at 8,33,919.

What later capital change could affect Black Opal ownership percentages?

Black Opal increased its authorised share capital effective May 7, 2025 from Rs 1 crore to Rs 12 crore. Authorised share capital is the maximum capital that a company may issue under its constitutional documents, whereas paid-up capital represents the issued shares for which payment has been received. The June 30, 2025 restated statement still showed paid-up share capital of Rs 83.39 lakh, representing 8,33,919 equity shares of Rs 10 each.

The annexure states that paid-up capital was subsequently increased effective August 4, 2025 from Rs 83.39 lakh to Rs 8.34 crore. The number of equity shares consequently rose from 8,33,919 to 83,39,190. This later increase occurred after the June 30, 2025 ownership table and therefore does not alter the reported 94.18% position as of that date.

The supplied pages do not provide a shareholder breakdown after August 4, 2025 or identify the recipients of the additional shares. They also do not describe whether the increase arose through a fresh issue, bonus issue or another capital action. Prasoon Chauhan’s ownership percentage after the paid-up-capital increase cannot therefore be determined from the supplied disclosure.

Conclusion

Black Opal’s reported ownership became substantially more concentrated between March 31, 2024 and June 30, 2025. Prasoon Chauhan’s holding rose from 73.15% to 94.18% while the share count remained at 8,33,919 through June 30, 2025, and Ishan Agarwal’s 18.29% stake was recorded as zero from March 31, 2025.

The disclosed development to watch is the August 4, 2025 increase in paid-up capital to Rs 8.34 crore and 83,39,190 shares. Black Opal has not provided, in the supplied pages, the allocation of those shares or an updated shareholder table, leaving Prasoon Chauhan’s percentage after that date unresolved.