Glass Wall Systems (India) Limited has 11 pre-offer holders

Glass Wall Systems (India) Limited has 11 shareholders before the offer, and its ownership is divided between nine promoter and promoter-group holders with 64.38% and two fund shareholders with 35.62%. The shareholding pattern records 84,638,550 fully paid equity shares, with no non-promoter, non-public holdings.

Who owns Glass Wall Systems before the offer?

Glass Wall Systems is held entirely by a promoter-family category and two public-category fund holders before the offer. The shareholding pattern identifies nine promoters and promoter-group shareholders holding 54,494,876 equity shares, or 64.38%, and two public shareholders holding 30,143,674 shares, or 35.62%. Together, those categories equal the stated 11 shareholders and 84,638,550 shares.

The register has no partly paid shares, shares underlying depository receipts, outstanding warrants or shares in the non-promoter, non-public category. Each equity share has a face value of Rs 2. The disclosed structure means that the public-category holding is concentrated in two named entities rather than being spread among other public shareholders.

The 64.38% figure is wider than the 52.53% promoter figure because it includes the promoter group. The promoters hold 44,469,803 shares, while the six promoter-group holders own another 10,025,073 shares. This distinction matters because the company’s shareholding pattern combines both categories in its 64.38% promoter and promoter-group line.

Which holders make up the 64.38% Glass Wall Systems family bloc?

Glass Wall Systems’ three promoters own 52.53% of pre-offer capital, led by Jawahar Hariram Hemrajani with 31,675,558 shares, or 37.42%. Eshan Jawahar Hemrajani holds 7,934,685 shares, or 9.37%, and Eshan Jawahar Hemrajani jointly with Dikshita Eshan Hemrajani holds 4,859,560 shares, or 5.74%. These three positions total 44,469,803 shares.

The promoter group contributes the remaining 11.85% of the family bloc. Amit Jawahar Hemrajani holds 7,912,000 shares, or 9.35%, and Vinne Jawahar Hemrajani holds 2,112,629 shares, or 2.50%. Four family trusts each hold 111 shares, which are shown individually as 0.00% but are included in the 10,025,073-share promoter-group total.

The trust disclosures place the small trust holdings within the reported family structure. For example, Jawahar Hariram Hemrajani and Vinne Jawahar Hemrajani are trustees of the Jawahar Hemrajani Family Trust, whose beneficiaries include Jawahar, Eshan, Amit and Vinne Hemrajani. The trusts add only 444 shares in aggregate, but they form part of the disclosed promoter-group category.

All promoter shares were dematerialised and fully paid on the Red Herring Prospectus date, and none were pledged. Under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, known as the SEBI ICDR Regulations, 20% of fully diluted post-offer capital held by promoters is to be locked in for three years from allotment, while promoter holdings above that threshold are to be locked in for one year.

Who holds Glass Wall Systems’ entire public category?

Glass Wall Systems’ 35.62% public category consists only of India Business Excellence Fund IIA and Vistra ITCL (India) Limited, trustee of Business Excellence Trust II – India Business Excellence Fund II. India Business Excellence Fund IIA owns 21,868,020 shares, or 25.84%, and Vistra owns 8,275,654 shares, or 9.78%. Their combined holding is 30,143,674 shares.

India Business Excellence Fund IIA’s 25.84% position exceeds Vistra’s 9.78% position by 16.06 percentage points. India Business Excellence Fund IIA is identified as a selling shareholder in the weighted-average acquisition-cost disclosure, which reports a weighted average acquisition cost of Rs 24.69 per share for its 21,868,020 shares, calculated using the first-in-first-out method.

Vistra’s holding fell by 228,571 shares on September 1, 2026, when it transferred that number of shares to Jawahar Hariram Hemrajani at Rs 35 per share under a share purchase agreement dated August 20, 2026. Ten days before the Red Herring Prospectus date, on August 21, 2026, Vistra held 8,504,225 shares, or 10.05%, while Jawahar Hariram Hemrajani held 31,446,987 shares, or 37.15%.

The September 2026 transaction moved 0.27 percentage points from Vistra to the lead promoter. Vistra subsequently held 9.78% and Jawahar Hariram Hemrajani held 37.42%, while India Business Excellence Fund IIA remained at 21,868,020 shares and 25.84%. The transfer did not add a shareholder to the 11-holder register.

How did Glass Wall Systems ownership change over two years?

Glass Wall Systems’ reported promoter-family holding increased from 59.51% on August 30, 2024 to 64.38% on the Red Herring Prospectus date. The August 2024 major-shareholder table showed Jawahar Hariram Hemrajani at 41.42%, Eshan Jawahar Hemrajani at 5.86%, the joint Eshan-Dikshita holding at 6.40%, and Amit Jawahar Hemrajani at 5.83%. Vinne Jawahar Hemrajani was not listed then because the table covered holdings of 1% or more.

The comparison requires adjustment for a share subdivision. Under a May 5, 2025 shareholder resolution, the company subdivided equity shares from a face value of Rs 10 to Rs 2 each, changing issued and paid-up capital from 15,184,325 shares to 75,921,625 shares. A later preferential allotment on August 28, 2025 added 8,716,925 shares, taking the stated pre-offer total to 84,638,550 shares.

The August 2025 allotment was consideration other than cash for the acquisition of 100,000 equity shares of Yes Systems Private Limited. Eshan Jawahar Hemrajani and Amit Jawahar Hemrajani each received 3,486,770 shares, and Vinne Hemrajani received 1,743,385 shares, at an issue price of Rs 177.81 per share. Those allotments increased the promoter-family share count after the subdivision.

The fund positions declined as a proportion of capital over the two-year comparison. India Business Excellence Fund IIA moved from 28.80% on August 30, 2024 to 25.84%, while Vistra moved from 11.20% to 9.78%. The 2025 preferential allotment and Vistra’s September 2026 transfer to Jawahar Hariram Hemrajani are the disclosed transactions affecting these relative positions.

What could change Glass Wall Systems’ ownership next?

Glass Wall Systems has not disclosed final post-offer ownership percentages because the prospectus tables are to be updated after completion of the offer and finalisation of the basis of allotment. The company states that a fresh issue may result in allotment of equity shares, while an offer for sale may change the holdings of selling shareholders. The 64.38% and 35.62% figures are therefore pre-offer measurements.

Employee stock options represent a separately disclosed source of future shares. The 2025 employee stock option plan permits up to 423,192 equity shares, and 391,950 options were outstanding at the Red Herring Prospectus date. No options had vested or been exercised, and the plan provides for vesting no earlier than one year and no later than four years from grant.

The company also states that, apart from allotments under the fresh issue and exercises under the employee stock option plan, it has no proposal, intention, negotiation or consideration to alter its capital structure through a preferential issue, rights issue, bonus issue or further public offer in the six months from the bid or offer opening date. That disclosure does not determine post-offer ownership, which remains dependent on the offer’s final allotment and any shares sold in the offer for sale.

Conclusion

Glass Wall Systems’ pre-offer ownership is concentrated across two categories: nine promoters and promoter-group holders own 64.38%, while India Business Excellence Fund IIA and Vistra hold the other 35.62%. The largest single position is Jawahar Hariram Hemrajani’s 37.42%, and the two largest holdings, Jawahar Hariram Hemrajani and India Business Excellence Fund IIA, together represent 63.26% of pre-offer capital.

The next ownership update will be the prospectus-stage post-offer pattern, which the company says depends on completion of the offer and finalisation of allotment. Investors can also monitor the disclosed 391,950 outstanding options, although future shares from that plan require vesting and exercise under its one-to-four-year vesting framework.