Sagar Lalit Sanghvi Cut Stake to 71.83% Before IPO Filing

Sagar Lalit Sanghvi sold 7,38,050 equity shares through 19 secondary transactions on September 10 and 11, 2026, reducing his holding from 64,31,346 shares, or 81.14%, to 56,93,296 shares, or 71.83%. The disclosed transfers at Rs 77.50 and Rs 80 per share totalled Rs 5.7277 crore and occurred before the Red Herring Prospectus filing.

How much did Sagar Lalit Sanghvi sell before the IPO filing?

Sagar Lalit Sanghvi sold 7,38,050 shares to 19 disclosed transferees in September 2026, lowering his ownership by 9.31 percentage points from the 81.14% recorded after the April 15, 2026 private placement. These were secondary transactions, meaning existing shares changed hands rather than the company issuing new equity, so the transfers did not themselves increase the pre-issue share count of 79,26,653.

The transfers priced at Rs 77.50 per share covered 7,06,800 shares and amounted to Rs 5.4777 crore. Two September 11 transfers, comprising 6,250 shares to Ishoo Garg and 25,000 shares to Lahoti Amol Omprakash, were priced at Rs 80 per share and amounted to Rs 25 lakh. Together, the disclosed September sales amounted to Rs 5.7277 crore.

The largest individual transfer was 5,56,800 shares to M/s. Kedia Securities Private Limited on September 11, 2026, at Rs 77.50 per share. The block represented 7.02% of the pre-issue equity share capital as of the Red Herring Prospectus date, while Sagar Lalit Sanghvi remained the largest shareholder with 71.83%.

Why did Sagar Lalit Sanghvi's stake fall from 81.14% to 71.83%?

Sagar Lalit Sanghvi's stake fell because his 7,38,050 September transfers reduced his shares from 64,31,346 to 56,93,296. His 64,31,346-share holding followed a private placement of 3,43,750 shares to him on April 15, 2026 at Rs 80 per share, after which he held 81.14% of the company.

The September transfers reduced Sagar Lalit Sanghvi's shareholding without changing the company's paid-up capital. In contrast, the conversion of 5,55,555 optionally convertible debentures, or OCDs, into 5,82,900 equity shares on September 5, 2026 increased the outstanding share count from 73,43,753 to 79,26,653. OCDs are debt securities that may be converted into equity shares, and this conversion was at Rs 77.20 per equity share.

The prospectus's 10-day comparison shows the combined effect of the transfer and the larger share base. Ten days before the filing date, Sagar Lalit Sanghvi held 64,31,346 shares, or 87.58% of 73,43,753 shares outstanding. At the filing date, he held 56,93,296 shares, or 71.83% of 79,26,653 shares, after both the September 5 OCD conversion and the September 10-11 secondary sales.

Who received the September shares and how concentrated was the distribution?

The September distribution was concentrated in M/s. Kedia Securities Private Limited, which received 5,56,800 shares, or 75.44% of the 7,38,050 shares transferred. The remaining 1,81,250 shares went to 18 other transferees, with disclosed parcels ranging from 2,400 shares to 38,400 shares, excluding the two Rs 80-per-share transfers.

Zion Infraventure LLP received 38,400 shares on September 10, 2026 at Rs 77.50 per share, while Nikhil Bidadwatka HUF received 6,000 shares at the same price. On September 11, Nikita Sandeep Shah received 30,000 shares at Rs 77.50 per share, and Lahoti Amol Omprakash received 25,000 shares at Rs 80 per share.

The company had 42 shareholders at the Red Herring Prospectus date. Its promoter and promoter group held 57,33,296 shares, or 72.33%, while 40 public shareholders held 21,93,357 shares, or 27.67%. The shareholder count and category split establish the pre-issue ownership position, although the prospectus does not state whether every September transferee was a newly added shareholder.

How did the September sales compare with earlier 2026 promoter transfers?

Sagar Lalit Sanghvi made 14 disclosed secondary transfers in March 2026 before the September transactions, generally at Rs 100 per share. The March 20 and March 24 transfers covered 1,53,100 shares, including 26,100 shares transferred to Sushila Santosh Jeewatramani and 17,850 shares transferred to Ritesh Bharat Shah.

The 7,38,050 shares transferred in September were more than four times the 1,53,100 shares disclosed in March. The September sequence had 19 transfer entries, compared with 14 in March, and its stated prices of Rs 77.50 and Rs 80 per share were below the Rs 100 per share disclosed for the March transactions.

Across the disclosed March and September 2026 transactions, Sagar Lalit Sanghvi made 33 transfer entries. The capital build-up also shows that ownership changed through issuances: the March 26, 2026 bonus issue allotted him 45,65,697 shares, and the April 15, 2026 private placement added 3,43,750 shares before the September transfers reduced his cumulative holding to 56,93,296 shares.

What restrictions apply to Sagar Lalit Sanghvi's remaining shares?

Sagar Lalit Sanghvi's remaining holding is subject to promoter-contribution and lock-in provisions under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company states that up to 21,71,891 shares from the March 26, 2026 bonus issue will form the minimum promoter contribution, equal to 20% of post-issue paid-up equity capital, subject to the final basis of allotment.

The minimum promoter contribution is to be locked in for three years from the IPO allotment date. The prospectus also states that 17,60,703 shares held in excess of the minimum promoter contribution will be locked in for two years and 17,60,702 shares will be locked in for one year from allotment.

All pre-issue equity shares held by persons other than promoters will be locked in for one year from the IPO allotment date under Regulation 239. The prospectus further states that Sagar Lalit Sanghvi's 56,93,296 shares are in dematerialised form and that no promoter shares were pledged or otherwise encumbered as of the Red Herring Prospectus date.

Conclusion

Sagar Lalit Sanghvi's September 2026 transfers shifted 7,38,050 existing shares to 19 transferees for Rs 5.7277 crore and lowered his direct holding from 81.14% to 71.83%. The ownership change was driven primarily by the 5,56,800-share sale to M/s. Kedia Securities Private Limited, while the separate OCD conversion increased the company's share count before the filing date.

The next ownership measure to watch is the post-issue shareholding structure because the company proposes to issue up to 29,32,800 new equity shares and expects post-issue paid-up capital of up to 1,08,59,453 shares assuming full subscription. The prospectus says the company has no proposal to alter its capital structure for six months from the issue opening apart from the IPO, while allowing a later equity or convertible-security issue for an acquisition, merger, joint venture, regulatory compliance or another board-approved purpose.