EverestIMS: Kedia’s 4.99% stake exceeds named transfers

EverestIMS Technologies Limited shows M/s. Kedia Securities Private Limited with 850,010 equity shares, or 4.99% of pre-offer capital, after September 16, 2026 transfers at Rs 68 per share. The eight promoter sales and four management-personnel sales disclosed in the supplied tables total 826,010 shares, leaving a 24,000-share reconciliation gap.

Why does EverestIMS show Kedia Securities with a 4.99% stake?

EverestIMS shows M/s. Kedia Securities Private Limited as a public shareholder holding 850,010 equity shares, equal to 4.99% of its pre-offer paid-up capital. The shareholder list as of the Red Herring Prospectus date ranks M/s. Kedia Securities Private Limited ninth among holders with at least 1% of pre-offer capital, behind the eight promoters and ahead of Abhirup Sarkar’s 2.71% holding.

The stated holding is equal to 850,010 shares because EverestIMS reports total pre-offer equity capital of 17,044,578 shares in its shareholding pattern. The same table assigns 13,699,990 shares, or 80.38%, to the promoter and promoter-group category, and 3,344,588 shares, or 19.62%, to 61 public shareholders. EverestIMS separately says its promoter group held no equity shares as of the Red Herring Prospectus date, so the 80.38% promoter-category holding is attributed to the eight promoters.

M/s. Kedia Securities Private Limited does not appear in the list of shareholders with at least 1% of capital prepared 10 days before the Red Herring Prospectus. That earlier list records the eight promoters with 14,400,000 shares in aggregate, compared with 13,699,990 shares on the Red Herring Prospectus date. The change of 700,010 shares matches the aggregate sales stated in the promoters’ capital build-up tables.

How many EverestIMS shares do the disclosed sellers transfer?

The disclosed sales by eight EverestIMS promoters and four management personnel total 826,010 shares, compared with M/s. Kedia Securities Private Limited’s stated 850,010-share holding. The promoter tables record a 102,000-share transfer by Satish Kumar Vijayragavaran and 85,430 shares each by Srikanth Audina, Sudhakar Aruchamy, Deepak Kumar Shenbagarajan, Ganesh Kumar Nagaiah, Arun Prasath Ramadoss, Deepak Gupta and Ramesh Pratap Tiwari.

The four personnel named in the separate transfer disclosure sold 126,000 shares on September 16, 2026 at Rs 68 per equity share. Prakash Bhat, described as key managerial personnel, sold 30,000 shares; key managerial personnel refers to officers designated under the applicable company-law framework. Abhirup Sarkar, Praveen Kumar Sinha and Ramya Selamuthu, described as senior management personnel, sold 42,000, 36,000 and 18,000 shares, respectively.

The 24,000-share difference is not, by itself, evidence of an undisclosed transaction. EverestIMS’ 10-days-prior shareholder list shows Samaresh Mandal with 288,000 shares, while the current list shows Sambaresh Mandal with 264,000 shares, a 24,000-share reduction. The supplied material does not identify a transfer of those 24,000 shares to M/s. Kedia Securities Private Limited or identify whether the two spellings refer to the same shareholder.

Do the EverestIMS transfer tables identify every seller to Kedia Securities?

No, the supplied EverestIMS tables do not consistently identify M/s. Kedia Securities Private Limited as transferee for every promoter sale needed to reconcile the stated stake. Seven promoter rows, comprising Satish Kumar Vijayragavaran’s 102,000 shares and six 85,430-share transfers, name M/s. Kedia Securities Private Limited. Those seven rows total 614,580 shares.

Ramesh Pratap Tiwari’s 85,430-share row instead names “M/s. Media Securities Private Limited” as transferee, although the other promoter rows refer to M/s. Kedia Securities Private Limited. If the row is read literally, transfers expressly naming M/s. Kedia Securities Private Limited comprise 614,580 promoter shares plus 126,000 management-personnel shares, or 740,580 shares. That is 109,430 shares below M/s. Kedia Securities Private Limited’s stated 850,010-share holding.

The shareholder-list comparison provides a separate arithmetic view. Promoter holdings declined by 700,010 shares, while the named non-promoter holders declined by 150,000 shares: 42,000 for Abhirup Sarkar, 36,000 for Praveen Kumar Sinha, 30,000 for Prakash Bhat, 24,000 for Sambaresh Mandal and 18,000 for Ramya Selamuthu. Together, those declines equal 850,010 shares, the exact M/s. Kedia Securities Private Limited holding shown in the current list.

How did the transfers change EverestIMS promoter ownership?

The disclosed promoter transfers reduced EverestIMS’ promoter holding by 700,010 shares, from 14,400,000 shares 10 days before the Red Herring Prospectus to 13,699,990 shares at the Red Herring Prospectus date. The promoter percentage correspondingly moved from the sum of the earlier individual stakes, 84.50%, to the reported current 80.38%. The 4.12-percentage-point movement reflects both the 102,000-share sale by Satish Kumar Vijayragavaran and seven sales of 85,430 shares.

Satish Kumar Vijayragavaran’s holding declined from 2,304,000 shares, or 13.52%, to 2,202,000 shares, or 12.92%. Each of the other seven promoters moved from 1,728,000 shares, or 10.14%, to 1,642,570 shares, or 9.64%. Despite these secondary transfers, the eight promoters retained 80.38% of EverestIMS’ pre-offer capital and voting rights.

EverestIMS says there will be no further issue of capital from the Red Herring Prospectus date until listing. It also says it does not intend to alter capital through a split, consolidation, preferential issue, bonus issue, rights issue or further public issue within six months from the opening of the offer. Those statements concern changes to capital structure, while the disclosed 80.38% pre-offer stake could still change if further permitted share transfers occur.

What do the lock-in disclosures mean for the pre-offer holdings?

EverestIMS states that 20% of post-offer capital held by promoters will be treated as promoter contribution and locked in for three years from allotment under the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements Regulations. A lock-in is a period during which shares cannot generally be transferred, subject to the regulations’ specified exceptions. The prospectus lists 4,407,632 promoter shares as proposed for lock-in, equal to 25.86% of pre-offer capital.

The promoter share figures also reflect a capital consolidation and bonus issue before the September 2026 transfers. EverestIMS states that equity shares with a Rs 1 face value were consolidated into shares with a Rs 10 face value in October 2024, followed by a November 9, 2024 bonus issue in the ratio of 8:1. The Rs 68 per-share transfer price in the promoter and management-personnel tables therefore applies to the Rs 10-face-value shares after those actions.

The pre-offer and post-offer columns are not directly comparable because EverestIMS says post-offer figures assume full subscription in the offer. The promoter table shows 13,699,990 pre-offer shares and 12,763,190 post-offer shares under that assumption, a reduction of 936,800 shares. That reduction is larger than the 700,010 shares transferred by promoters on September 16, 2026 because the post-offer presentation incorporates the proposed offer structure.

Conclusion

EverestIMS’ ownership disclosures show M/s. Kedia Securities Private Limited with 850,010 shares, or 4.99% of pre-offer capital, while the eight promoter and four management-personnel sales specifically disclosed add to 826,010 shares. The shareholder-list comparison identifies a separate 24,000-share reduction for Sambaresh Mandal that makes the overall holder changes equal 850,010 shares, but the supplied transfer table does not identify that transaction.

The next disclosed checkpoint is EverestIMS’ shareholding pattern to be filed one day before listing and uploaded on BSE Limited’s website before trading begins. A later filing could also clarify the 24,000-share difference and the Ramesh Pratap Tiwari row, which names M/s. Media Securities Private Limited rather than M/s. Kedia Securities Private Limited.