Deepa Jewellers: Agarwal family holds 99.98% before IPO

Deepa Jewellers Limited enters its proposed initial public offering, or IPO, with Ashish Agarwal, Seema Agarwal and Dev Agarwal collectively holding 99.98% of its pre-offer equity share capital. Ashish Agarwal and Seema Agarwal own 48.79% and 48.78%, respectively, while Dev Agarwal, a 23-year-old Whole-Time Director, holds 2.41%.

How much of Deepa Jewellers does the Agarwal family own before the IPO?

The Agarwal family owns 99.98% of Deepa Jewellers’ pre-offer issued, subscribed and paid-up equity share capital through its three disclosed promoters. The promoter holding totals 81,985,000 equity shares, each with a face value of Rs 2. The disclosed promoter total leaves 0.02% of the pre-offer share capital outside the three promoters’ combined holding.

Ashish Agarwal and Seema Agarwal hold nearly identical stakes, with 5,000 shares separating their holdings. Ashish Agarwal holds 40,005,000 shares, or 48.79%, and Seema Agarwal holds 40,000,000 shares, or 48.78%. Their combined 97.57% holding accounts for almost all of the 99.98% promoter stake, while Dev Agarwal contributes the remaining 2.41%.

The disclosure measures ownership before the offer rather than stating the eventual post-offer holding. The 99.98% figure therefore establishes the position immediately before the proposed IPO, but it does not establish how the three promoters’ percentages will change after shares are issued or sold under the offer.

Who are the three Deepa Jewellers promoters?

The three named promoters of Deepa Jewellers are Ashish Agarwal, Seema Agarwal and Dev Agarwal, and all three serve on the company’s board. Ashish Agarwal, aged 50 years in the Red Herring Prospectus, is Promoter, Chairman and Managing Director. Seema Agarwal, also aged 50 years, is Promoter and Non-Executive Non-Independent Director.

Dev Agarwal is the third promoter, holding 1,980,000 shares or 2.41%, and is identified as a 23-year-old Whole-Time Director. His stated date of birth is February 26, 2003. His disclosed roles combine a board position with a direct promoter shareholding, although the prospectus does not quantify any separate management authority beyond his designation.

The promoter-group relationships table identifies Dev Agarwal as the son of Ashish Agarwal and Seema Agarwal. It also lists Rashi Agarwal as Dev Agarwal’s sister, while Ashish Agarwal and Seema Agarwal are identified as spouses. These relationships show that the three disclosed promoter stakes are held within one family.

What does the 99.98% stake mean for Deepa Jewellers’ control?

The 99.98% pre-offer promoter stake means the three Agarwal promoters held virtually all of Deepa Jewellers’ equity before the proposed IPO. Ashish Agarwal and Seema Agarwal together held 97.57%, and their positions as Chairman and Managing Director and Non-Executive Non-Independent Director place two holders of that majority stake on the board.

Deepa Jewellers states that there has been no change in control during the five years immediately preceding the date of its Red Herring Prospectus. That statement is distinct from the ownership table: the five-year disclosure addresses continuity of control, while the 99.98% figure records the pre-offer capital position on the prospectus date.

The continuing relevance of the pre-offer concentration depends on the structure and completion of the proposed IPO, neither of which is quantified in the supplied promoter disclosure. The reported figures show that any change in relative influence after listing would depend on how the promoters’ combined holding changes from the 81,985,000 shares reported before the offer.

Which relatives and entities form the Deepa Jewellers promoter group?

Deepa Jewellers’ promoter group includes named relatives of Ashish Agarwal, Seema Agarwal and Dev Agarwal, alongside six disclosed proprietorship and Hindu Undivided Family, or HUF, entities. A promoter group is identified under Regulation 2(1)(pp) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, known as the SEBI ICDR Regulations.

The natural-person list includes Chandakala Agarwal, Deepa Agarwal, Neeta Agarwal, Rashi Agarwal, Subhash Chandra Agarwal, Rupesh Agrawal and Mukesh Agrawal, in addition to the three promoters appearing in the relationship entries. The stated relationships include parents, children, siblings, a spouse’s father and a spouse’s brothers. The table uses the spelling Chandrakala Agarwal in Seema Agarwal’s entry and Chandakala Agarwal in Ashish Agarwal’s entry.

The six entity members are Deepa Hospital, a proprietorship, and Ashish Agarwal HUF, Mahendra Kumar Agarwal HUF, Mukesh Agrawal HUF, Rupesh Agrawal HUF and Subhash Chandra Agrawal HUF. Their promoter-group status does not add a separate shareholding amount in the promoter ownership table, which reports only the 81,985,000 shares held by Ashish Agarwal, Seema Agarwal and Dev Agarwal.

Are there promoter-linked arrangements at Deepa Jewellers?

Deepa Jewellers reports two leases with Ashish Agarwal dated November 28, 2025, creating disclosed promoter-linked property arrangements. The company is to pay Rs 2.4 lakh a month for its registered office and Rs 3.6 lakh a month for a proposed facility, under agreements each running for nine years and 11 months from November 28, 2025.

The prospectus describes these leases as the disclosed exceptions in its conflict-of-interest discussion concerning lessors of immovable properties crucial to operations. It separately states that there is no conflict of interest between the promoters or promoter-group members and suppliers of materials or third-party service providers crucial to the company’s operations.

Deepa Jewellers also says it has no group company under parameters approved by its board on August 25, 2026. Under its materiality policy, a promoter-group company would be disclosed if transactions with Deepa Jewellers during the most recent financial year and any stub period exceeded 10% of the company’s total income for that period, individually or in aggregate. The absence of a disclosed group company is therefore based on this related-party and materiality framework, not on the absence of promoter-group entities.

Conclusion

Deepa Jewellers’ disclosed pre-offer ownership is concentrated in a three-person Agarwal family promoter group, which holds 99.98% of the 81,985,000 outstanding shares reported in the prospectus. Ashish Agarwal and Seema Agarwal together account for 97.57%, while Dev Agarwal’s 2.41% stake gives him a direct ownership position alongside his Whole-Time Director role.

The next ownership point to watch is the post-offer capital structure, because the supplied promoter disclosures report only pre-offer holdings. Readers can also monitor the two Ashish Agarwal property leases dated November 28, 2025, and whether future disclosures alter the company’s August 25, 2026 conclusion that no promoter-group company meets its stated materiality criteria.