Injecto Polymers has 50.82% held through five vehicles

Injecto Polymers Limited has 50.82% of its pre-issue equity held through five corporate promoter vehicles, within a total promoter holding of 73.97%. Ramesh Kumar Rateria and Ashok Kumar Rateria hold the other 23.14% directly, while the five companies are disclosed as group lending, investment or finance entities.

How is Injecto Polymers’ 50.82% corporate promoter holding structured?

Injecto Polymers’ promoter ownership is principally held through five corporate vehicles rather than solely through its two executive promoters. The five companies own 77,54,200 equity shares, or 50.82% of pre-issue issued, subscribed and paid-up equity capital, compared with 35,12,000 shares, or 23.14%, held directly by Ramesh Kumar Rateria and Ashok Kumar Rateria. Together, the seven named promoters own 1,12,26,200 shares, equal to 73.97%.

The two largest corporate blocks are Suman Financial Advisory Private Limited and Suman Towers Private Limited, each with 21,60,000 shares and a 14.23% stake. Vinayak Tie-Up Private Limited holds 16,07,200 shares, or 10.59%; Nivedeeka Commercial Private Limited holds 10,08,200 shares, or 6.64%; and Bhagyashri Trading Private Limited holds 7,78,800 shares, or 5.13%. The two Suman entities’ combined 28.46% holding exceeds the two individuals’ combined 23.14% direct holding.

Who holds the direct stakes in Injecto Polymers?

Ramesh Kumar Rateria is the largest direct shareholder in Injecto Polymers, with 32,81,000 shares, or 21.62% of pre-issue equity capital. He is Chairman and Managing Director, and the prospectus records his appointment as Managing Director effective April 1, 2025. The disclosure also states that he has 25 years of experience in the polymer industry and more than 15 years in the processing industry.

Ashok Kumar Rateria holds 2,31,000 shares, or 1.52%, and has been Whole-time Director since April 1, 2025. The promoter-group disclosure identifies Ashok Kumar Rateria and Ramesh Kumar Rateria as brothers. Their direct holdings total 23.14%, but this is below the 50.82% stake held by the five corporate promoter vehicles.

The distinction between direct and corporate ownership is material because the prospectus reports voting stakes in Injecto Polymers at the named promoter level. It separately gives the internal shareholding and beneficial-ownership disclosures for the corporate promoters. The book running lead manager states that it examined ultimate individuals controlling unlisted corporate promoters and intermediary entities with direct or indirect holdings of 20% or more in Injecto Polymers.

What do the five corporate promoter vehicles do?

The five corporate promoter vehicles are primarily disclosed as group lending, investment or finance entities. Suman Financial Advisory, incorporated on August 10, 2010, provides loans and advances to other group companies and holds 14.23% of Injecto Polymers. Suman Towers, incorporated on February 3, 2011, is also described as providing loans and advances to group companies and holds another 14.23%.

Vinayak Tie-Up, incorporated on September 8, 1995, is a Reserve Bank of India, or RBI, registered non-deposit-taking non-banking financial company, or NBFC. It invests in shares of group companies and provides short-term loans and finance, while holding 10.59% of Injecto Polymers. Its September 2, 2026 shareholding includes Bhagyashri Trading at 32.41%, Shipra Retailer at 27.68%, Sampark Consultants at 23.72% and Nivedeeka Commercial at 9.12%.

Nivedeeka Commercial, incorporated on July 17, 1995, is an RBI-registered non-deposit-taking NBFC categorised as an Investment and Credit Company, or ICC. It holds 6.64% of Injecto Polymers and is disclosed as investing in group companies and providing them loans and advances. Bhagyashri Trading, incorporated on August 30, 1995, is also an RBI-registered non-deposit-taking NBFC and ICC, holds 5.13%, and mainly invests in shares of group companies while providing short-term loans and finance.

How are the corporate promoter vehicles connected?

The corporate promoter vehicles have disclosed cross-holdings, meaning their stakes in Injecto Polymers are held within an interconnected ownership structure. Vinayak Tie-Up owns 19.60% of Nivedeeka Commercial and 23.71% of Bhagyashri Trading. Nivedeeka Commercial owns 9.12% of Vinayak Tie-Up and 18.10% of Bhagyashri Trading, while Bhagyashri Trading owns 32.41% of Vinayak Tie-Up.

Other promoter-group entities are also shareholders in these chains. Sampark Consultants holds 23.72% of Vinayak Tie-Up, 14.34% of Nivedeeka Commercial and 45.04% of Bhagyashri Trading. Shipra Retailer holds 27.68% of Vinayak Tie-Up and 36.34% of Nivedeeka Commercial. The promoter-group disclosure lists Sampark Consultants and Shipra Retailer among corporate entities under the Securities and Exchange Board of India, or SEBI, Issue of Capital and Disclosure Requirements Regulations.

Suman Towers has a different internal ownership route. ST Associates, an association of persons, holds 49.44% through Bonamite Merchants Private Limited and another 49.44% through Adhipati Distributors Private Limited; Ramesh Kumar Rateria and Rupam Rateria each directly hold 0.56%. The prospectus nonetheless identifies Ramesh Kumar Rateria as Suman Towers’ promoter and significant beneficial owner.

What supports the Rateria promoter and beneficial-owner disclosures?

The prospectus identifies Ramesh Kumar Rateria as promoter and significant beneficial owner for Suman Towers, Vinayak Tie-Up, Nivedeeka Commercial and Bhagyashri Trading. Each of those companies states that it received his Form BEN-1 declaration and filed Form BEN-2 with the Registrar of Companies, West Bengal. BEN-1 is a declaration under India’s significant beneficial ownership framework, while BEN-2 is the corresponding company filing.

Suman Financial Advisory identifies both Ramesh Kumar Rateria and Ashok Kumar Rateria as its promoters and says it received BEN-1 declarations from both as significant beneficial owners. Its September 2, 2026 shareholder list records Rupam Rateria with 38.69% and Piyush Mundhra with 25.77%, while Ramesh Kumar Rateria and Ashok Kumar Rateria each hold just under 5% directly. The beneficial-owner disclosures therefore provide information beyond the direct percentage holdings within that company.

All five corporate promoters reported no change in control during the five years preceding the filing of the red herring prospectus. That disclosure covers Suman Financial Advisory, Suman Towers, Vinayak Tie-Up, Nivedeeka Commercial and Bhagyashri Trading. The continuing 50.82% corporate component of the disclosed 73.97% promoter stake depends on the stated holdings, promoter classifications and corporate control disclosures remaining in place.

Conclusion

Injecto Polymers’ disclosed ownership places 50.82% of pre-issue equity in five corporate promoter vehicles and 23.14% directly with Ramesh Kumar Rateria and Ashok Kumar Rateria. The 73.97% promoter total is therefore held through a connected group of lending, investment and NBFC entities, with Ramesh Kumar Rateria named as promoter and significant beneficial owner of four vehicles and, alongside Ashok Kumar Rateria, of the fifth.

What to watch next is whether the stated corporate structure and control disclosures remain unchanged after the proposed issue. The prospectus provides a five-year no-change-in-control record for all five vehicles, but it also shows cross-holdings among Vinayak Tie-Up, Nivedeeka Commercial and Bhagyashri Trading; any later changes in those holdings, beneficial-owner filings or promoter classifications would be relevant to the ownership map.