Siddharth Shah Holds 51.03% as Promoters Control 75.74%

Siddharth Gunvant Shah holds 33,608,600 equity shares, equal to 51.03% of the company’s 65,863,500 pre-offer shares. The four promoters hold 75.70% collectively, and a further 0.04% held by a promoter-group member takes promoter and promoter-group ownership to 75.74% before the offer.

How concentrated is Siddharth Shah’s ownership before the offer?

Siddharth Shah holds more than half of the pre-offer equity capital and more shares than the other three promoters combined. His 33,608,600 shares represent 51.03% of the 65,863,500 equity shares outstanding as of the Red Herring Prospectus date, compared with 16,250,000 shares, or 24.67%, held by Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh together.

The four named promoters hold 49,858,600 shares, or 75.70% of pre-offer paid-up equity capital. Deepa Shah holds 8,740,150 shares, or 13.27%; Harshal Parekh holds 5,559,850 shares, or 8.44%; and Bhavini Parekh holds 1,950,000 shares, or 2.96%. The difference between Siddharth Shah’s 51.03% and the other promoters’ combined 24.67% establishes his position as the largest individual shareholder.

What does the 75.74% promoter holding include?

The 75.74% promoter holding includes 49,858,600 shares held by four promoters and 25,000 shares held by Kishor Ratilal Parekh as a promoter-group member. The company separately identifies the promoter subtotal as 75.70% and the promoter-group holding as 0.04%, which together equal 49,883,600 shares.

The company reported 64 shareholders as of the Red Herring Prospectus date, including 59 public shareholders. Those public shareholders held 15,979,900 shares, or 24.26% of pre-offer capital, meaning the 49,883,600-share promoter and promoter-group block was more than three times the public holding.

Ownership was also concentrated outside the promoter block. Eight shareholders with at least 1% each held 63,630,800 shares, or 96.60%, according to the beneficiary position statement dated September 7, 2026. The largest disclosed non-promoter holders were Anushka Narendra Firodia and Asha Shantikumar Firodia, with 4,875,000 shares or 7.40% each, followed by Rakhi Narendra Firodia with 3,250,000 shares or 4.93%.

How did Siddharth Shah reach a 51.03% holding?

Siddharth Shah reached 33,608,600 shares through initial subscription, bonus issues, a rights issue, two share transfers, a share subdivision and another bonus issue. He initially subscribed for 600 shares of face value Rs 100 each at incorporation on June 14, 2016, with the subscription recorded by the board on June 20, 2016.

A bonus issue on February 28, 2019 allotted Siddharth Shah 209,400 shares in a ratio of 349 equity shares for every share held. A rights issue on March 30, 2019 added 336,000 shares at Rs 184 per share, in a ratio of eight shares for every five shares held on the March 2, 2019 record date.

Siddharth Shah then acquired 93,672 shares from Rakhi Narendra Firodia on June 10, 2024 at Rs 1,384.62 per share, and 32,500 shares from Rohit Sounik, acting on behalf of RPGS Marketing, on June 29, 2024 at Rs 1,846.15 per share. These transfers occurred before the subsequent change in share denomination and therefore involved shares with face value of Rs 100 each.

On the August 29, 2025 record date, Siddharth Shah’s 672,172 shares of face value Rs 100 each were subdivided into 6,721,720 shares of face value Rs 10 each. A September 5, 2025 bonus issue at four shares for each share held added 26,886,880 shares. The subdivision changed the number and denomination of shares, while the bonus issue increased his share count without changing proportional ownership where shareholders participated in the same ratio.

What changed in promoter ownership over two years?

Siddharth Shah’s disclosed percentage stake rose to 51.03% from 42.00% two years before the Red Herring Prospectus date. The register of members dated September 8, 2024 showed him holding 546,000 shares, or 42.00%, whereas the prospectus-date disclosure showed 33,608,600 shares, or 51.03%; the raw share counts are not directly comparable because of the 2025 subdivision and bonus issue.

The one-year comparison shows Siddharth Shah already held 51.03% on September 19, 2025, with 6,721,720 shares. The September 19, 2025 beneficiary position statement reflected shares allotted through a private placement dated August 25, 2025 and the subdivision approved on August 19, 2025. By the prospectus date, his percentage remained 51.03%, although his share count rose after the September 5, 2025 bonus issue.

The identity of one 7.40% holder changed between the one-year and prospectus-date schedules. Narendra Shantikumar Firodia held 975,000 shares, or 7.40%, one year before filing, while Anushka Narendra Firodia held 4,875,000 shares, also 7.40%, at the prospectus date. The disclosure does not state the reason for that change in the tables.

Which gifts and transfers changed promoter holdings?

Gifts and transfers changed individual promoter positions, while bonus issues and the subdivision reshaped share counts across the capital structure. Harshal Parekh gifted 18,200 shares of face value Rs 100 each to Deepa Shah on April 8, 2021 and gifted a further 30,150 shares of face value Rs 10 each to Deepa Shah on November 24, 2025.

Harshal Parekh also transferred 6,500 shares to Sukhbir Kuldip Sahney on December 20, 2022 at Rs 923.08 per share. Deepa Shah transferred 13,000 shares to Rohit Sounik, acting on behalf of RPGS Marketing, on March 21, 2022 and another 13,000 shares on October 17, 2022, each at Rs 923.08 per share. These transactions preceded the 2025 subdivision.

Bhavini Parekh transferred 6,500 shares to Rohit Sounik, acting on behalf of RPGS Marketing, on March 21, 2022 at Rs 923.08 per share. Her 39,000 shares before the subdivision became 390,000 shares after the face-value change, and the September 5, 2025 bonus issue added 1,560,000 shares, resulting in her disclosed holding of 1,950,000 shares or 2.96%.

Conclusion

Siddharth Shah’s 51.03% holding gives him an individual majority stake before the offer, while the 75.74% promoter and promoter-group block shows that ownership remains concentrated across four promoters and one promoter-group member. The public holds 24.26% of pre-offer equity capital, despite 59 public shareholders being recorded among the company’s 64 shareholders.

The next ownership measure to watch is the final post-offer shareholding, which was blank in the Red Herring Prospectus tables and stated to be updated at the prospectus stage after finalisation of the basis of allotment. The company also said it did not intend to alter its capital structure for six months from the bid or offer opening date through a split, consolidation, further equity issue, bonus issue, rights issue or further public issue.