The Company promoter group controls 89.2% before the IPO

The Company’s promoter and promoter-group shareholders controlled 51,735,560 of its 58,000,000 equity shares, or 89.2%, before the IPO. The beneficiary-position statement dated September 1, 2026 records 42 promoter and promoter-group holders, while 39 public shareholders held the remaining 6,264,440 shares, or 10.8%.

Why does The Company promoter group control 89.2% before the IPO?

The Company promoter group controls 89.2% because the promoter and promoter-group category held 51,735,560 shares and the same number of direct voting rights out of 58,000,000 shares. The shareholding pattern in the Red Herring Prospectus, or RHP, assigns 89.20% of both equity capital and voting rights to this category, with zero indirect voting rights reported.

The Company’s public category consisted of 39 shareholders holding 6,264,440 shares, or 10.80% of both capital and voting rights, on September 1, 2026. The RHP reports zero non-promoter, non-public shareholders, zero depository receipts and zero shares held through employee trusts. The disclosed 58,000,000-share capital was therefore divided entirely between the promoter and promoter-group category and public shareholders.

The Company had 81 shareholders as of the RHP filing, and the 42-holder promoter and promoter-group category represented 51.9% of them by number. That category nevertheless owned 89.2% of the shares, showing that shareholder count and ownership percentage measure different aspects of the pre-offer structure. The RHP separately identifies 23,930,000 shares, or 41.26% of capital, as collectively held by the Company’s promoters as first holders.

Who are The Company’s largest disclosed shareholders?

The Company’s largest disclosed first-holder entry was Usha Rajnikant Shah, holding 6,880,000 shares, or 11.86% of pre-offer capital, jointly with Nishith Rajnikant Shah and Shah Sandhya Nishith. The next three disclosed entries were Gaurang Natwarlal Parikh with 5,200,000 shares, or 8.97%; Nishith Rakishdhar Dharia with 4,980,000 shares, or 8.59%; and Dipti Nalin Parikh with 4,200,000 shares, or 7.24%.

The Company reported that 28 shareholders with at least 1% each collectively held 54,196,416 shares, equal to 93.44% of pre-offer equity capital, on September 1, 2026. That total exceeds the 89.20% promoter and promoter-group category because the 1%-or-more disclosure is based on holding size and first-holder records, rather than promoter classification. The two tables therefore serve different purposes and should not be treated as interchangeable.

The Company’s five largest disclosed first-holder entries together accounted for 24,380,000 shares, or 42.03% of the 58,000,000-share capital. They were Usha Rajnikant Shah at 11.86%, Gaurang Natwarlal Parikh at 8.97%, Nishith Rakishdhar Dharia at 8.59%, Dipti Nalin Parikh at 7.24% and Sandhya Nishith Shah at 5.37%. The RHP states that the 1%-or-more tables are based on first holders, and several entries are jointly held.

Have The Company’s principal holdings changed over two years?

The Company’s aggregate holding among shareholders with at least 1% increased by 700,000 shares over the two years to September 2026. This group held 53,496,416 shares, or 92.24% of pre-offer capital, on September 2, 2024, compared with 54,196,416 shares, or 93.44%, on September 1, 2026.

The Company reported the same 54,196,416 shares and 93.44% for the 1%-or-more group on September 2, 2025, August 21, 2026 and September 1, 2026. The comparison uses beneficiary-position statements for each date and shows no aggregate change between September 2025 and the two 2026 reference points. It does not establish whether transactions occurred among holders while leaving the group total unchanged.

The Company’s largest disclosed entry of 6,880,000 shares remained 11.86% in the 2024, 2025 and 2026 comparisons. Gaurang Natwarlal Parikh’s 5,200,000 shares, or 8.97%, and Nishith Rakishdhar Dharia’s 4,980,000 shares, or 8.59%, also remained unchanged across those dates. Sandhya Nishith Shah’s principal entry rose from 2,620,000 shares, or 4.52%, in September 2024 to 3,120,000 shares, or 5.37%, in the later comparisons.

What created The Company’s current 58,000,000-share capital?

The Company’s current equity-share count includes a January 18, 2022 bonus issue of 43,500,000 shares in the ratio of three equity shares for every one share held. The bonus shares had a face value of Rs 2 each, were issued at nil price and were recorded as a bonus issue rather than a cash allotment.

The Company stated that, apart from the January 18, 2022 bonus issue, it had not issued equity shares for non-cash consideration or by capitalising revaluation reserves since incorporation. The RHP also states that the Company had no employee stock-option scheme as of its filing date. These disclosures align with the September 2026 shareholding pattern, which records zero shares held through an employee trust.

The Company reported that none of its shareholders’ equity shares were pledged or otherwise encumbered as of the RHP date. The shareholding pattern also records zero locked-in shares for both the promoter and promoter-group category and the public category. These disclosures describe the reported pre-offer position and do not determine the post-offer ownership percentages.

Conclusion

The Company enters the IPO with ownership concentrated in its promoter and promoter-group category: 42 holders own 89.2% of 58,000,000 shares, while 39 public shareholders own 10.8%. The 28 first holders with stakes of at least 1% account for 93.44% of capital, and their aggregate ownership has been unchanged since September 2, 2025 after rising from 92.24% on September 2, 2024.

The Company has disclosed that it does not intend to alter its capital structure for six months from the bid or offer opening date through a share split, consolidation, further share issue, bonus issue, rights issue, qualified institutional placement or further public issue. The next relevant ownership change will therefore depend on the offer’s disclosed post-offer capital structure and on any subsequent share transfers after that six-month period.