The Company: 14 holders own 85.96% before its IPO

The Company has highly concentrated pre-offer ownership: 14 shareholders with holdings of at least 1% own 80,297,065 equity shares, or 85.96% of its 93,411,270 outstanding shares. The promoter and promoter-group bloc holds 45,011,415 shares, or 48.18%, ahead of the IPO.

How concentrated is The Company’s ownership before its IPO?

The Company’s ownership is concentrated because 14 shareholders account for 85.96% of pre-offer equity capital. These holders owned 80,297,065 of 93,411,270 equity shares of face value Rs 2 each, according to a beneficiary-position statement available on October 16, 2026. The measure includes shareholders holding at least 1% each, rather than every shareholder on the register.

The Company had 207 equity shareholders as of the Red Herring Prospectus date. Its shareholding-pattern disclosure divides the register into five promoter-category holders with 45,011,415 shares, or 48.18%, and 202 non-promoter, non-public holders with 48,399,855 shares, or 51.82%. The table records 93,411,270 fully paid-up equity shares and no partly paid-up shares.

The 13,114,205-share residual is calculated by subtracting the 14 major holders’ 80,297,065 shares from total capital of 93,411,270 shares. It differs slightly from the 13,100,705 shares, or 14.02%, classified as other public shareholders because the prospectus uses different definitions: one is a 1% ownership threshold and the other is a shareholder-category classification.

Who holds The Company’s largest stakes before its IPO?

The Company’s largest disclosed shareholder is Sandeep Sudhakar Asolkar, jointly with Priya Sandeep Asolkar, with 18,085,470 shares or 19.36% of pre-offer capital. Sandeep Sudhakar Asolkar separately holds 13,500,000 shares, or 14.45%, while Saktechandrasingh Pratap Singh Dhandoriya holds 8,434,125 shares, or 9.03%. These three promoter holdings total 40,019,595 shares, or 42.84%.

Jaya Chandrakant Gogri, jointly with Chandrakant Vallabhaji Gogri and Hetal Gogri Gala, holds 5,749,350 shares, or 6.15%. Sarvesh Kumar Garg holds 5,527,215 shares, or 5.92%, and Asolkar Tradecraft Private Limited holds 4,978,320 shares, or 5.33%. Kumaraguru Madurakavi, Rajesh Kesavan Nambisan and Sandeep Sambhaji Parab each hold 4,592,715 shares, equal to 4.92% each.

The remaining five shareholders in the 14-holder group are Jyoti Subodh Sapre with 3,225,385 shares, or 3.45%; Aakashan Unichem LLP with 2,505,000 shares, or 2.68%; Veera Venkata Satyanarayana Yannamani with 2,143,860 shares, or 2.30%; Dhvanallabh Ventures Fund - Scheme I with 1,395,195 shares, or 1.49%; and Priyanka Amey Belorkar with 975,000 shares, or 1.04%. The prospectus identifies Dhvanallabh Ventures Fund - Scheme I as a Category II alternative investment fund.

How has The Company’s ownership concentration changed since 2024?

The Company’s concentration among holders with at least 1% declined by 0.20 percentage points over two years, from 86.16% on October 18, 2024 to 85.96% on October 16, 2026. The disclosed holdings of that group fell by 186,620 shares, from 80,483,685 shares in October 2024 to 80,297,065 shares in October 2026.

The Company reported the same 85.96% concentration one year before the Red Herring Prospectus date, based on the beneficiary-position statement available on October 17, 2025. It also reported 85.96% ten days before the prospectus date, based on the October 9, 2026 statement. The 14-holder structure therefore remained unchanged over the final disclosed year and immediately before the offer.

The disclosed reduction between October 2024 and October 2025 coincides with Jyoti Subodh Sapre’s holding declining from 3,412,005 shares, or 3.65%, to 3,225,385 shares, or 3.45%. The supplied major-holder tables otherwise show the same 14 holders and percentages for the October 2025 and October 2026 comparison points. The reported concentration can remain stable only if the share base and the holdings of these shareholders do not materially change.

What promoter ownership and restrictions apply to The Company’s shares?

The Company’s promoters hold 40,019,595 shares, or 42.84% of issued, subscribed and paid-up capital, while promoter-group members hold another 4,991,820 shares, or 5.34%. The combined 45,011,415-share promoter and promoter-group bloc represents 48.18% of pre-offer capital. The promoter-group holding consists mainly of Asolkar Tradecraft Private Limited’s 4,978,320 shares, with Bhushan Raju Naik holding 13,500 shares.

Under the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, or SEBI ICDR Regulations, 20% of fully diluted post-offer capital held by promoters must be locked in for 18 months from allotment. Promoter holdings above that requirement are subject to a six-month lock-in from allotment. The Company states that all 40,019,595 promoter shares are eligible for minimum promoters’ contribution.

Asolkar Tradecraft Private Limited’s 4,978,320 shares, equal to 5.33% of pre-offer capital, are pledged to Tata Capital Limited as security for a term loan facility under a May 20, 2026 loan-against-securities agreement. The Company separately states that none of the equity shares held by its promoters are pledged or otherwise encumbered as of the Red Herring Prospectus date. This distinguishes the pledged promoter-group stake from the promoters’ 42.84% holding.

How could The Company’s offer change ownership percentages?

The Company’s post-offer ownership percentages remain unfilled in the Red Herring Prospectus because they are subject to finalisation of the basis of allotment. The proposed fresh issue aggregates up to Rs 150 crore, while the offer for sale covers 15,682,750 equity shares. A fresh issue increases outstanding equity capital and can dilute existing percentage holdings; an offer for sale transfers existing shares without itself increasing the share count.

The Company will not receive proceeds from the offer for sale, which are payable to selling shareholders after agreed offer expenses and relevant taxes. The Company proposes to use net fresh-issue proceeds to prepay certain borrowings of itself and wholly owned subsidiary Vasudha Waste Treatment Private Limited, fund working-capital requirements and meet general corporate purposes. The final fresh-issue size and allotment are therefore central to the post-offer ownership calculation.

The Company also adopted the SFC Employee Stock Option Scheme 2024 through board and shareholder resolutions in August and September 2024. The scheme permits the issue of up to 2,802,330 equity shares, although no options had been granted as of the Red Herring Prospectus date, according to a certificate dated October 19, 2026. Options, if granted and exercised, could later alter the outstanding share count, subject to the scheme’s minimum one-year and maximum five-year vesting periods.

Conclusion

The Company’s pre-offer register is concentrated both by shareholder threshold and promoter affiliation. Fourteen holders own 85.96% of 93,411,270 equity shares, while promoters and promoter-group members hold 48.18%. The 1%-holder group’s share declined only from 86.16% in October 2024 to 85.96% in October 2026 and was unchanged across the disclosed 2025 and 2026 comparison dates.

The next ownership update is the prospectus-stage post-offer table, which is pending finalisation of the basis of allotment. The principal disclosed variables are the number of shares issued in the fresh issue of up to Rs 150 crore, the transfer of 15,682,750 shares in the offer for sale, and any future grants under the 2,802,330-share employee stock option scheme.