The Company: Six promoters hold 76.51% before the offer

The Company’s six promoters held 76.51% of its pre-offer issued, subscribed and paid-up equity share capital, according to its red herring prospectus. Chief Financial Officer Biren Parnami and Chief Operations Officer Manoj Modi were each listed with 14.57%, giving the two management executives 29.14% combined.

How concentrated is The Company’s 76.51% promoter holding?

The Company’s promoter holding is concentrated because six named promoters collectively held 2,07,90,000 equity shares, or 76.51% of pre-offer issued, subscribed and paid-up equity share capital. The promoter group comprises Chairman and Non-Executive Director Babulal Gupta, Managing Director Vinay Gupta, Whole-Time Director Ruchira Gupta, Chief Financial Officer Biren Parnami, Chief Operations Officer Manoj Modi and Vice President-Projects Vatsalya Gupta.

Vinay Gupta was the largest disclosed individual holder, with 70,27,500 equity shares or 25.86%, followed by Ruchira Gupta with 51,00,000 shares or 18.77%. Babulal Gupta held 7,42,500 shares or 2.73%, while Biren Parnami and Manoj Modi each held 39,60,000 shares or 14.57%. The promoter table names Vatsalya Gupta but leaves his individual share number and percentage blank; the five numerical entries add to the disclosed promoter total of 2,07,90,000 shares.

Why do The Company’s CFO and COO hold 29.14%?

The Company’s CFO and COO hold 29.14% because Biren Parnami and Manoj Modi each held 39,60,000 equity shares, equal to 14.57% of pre-offer capital. The prospectus separately reports their combined 79,20,000 shares and 29.14% holding in its table for key managerial personnel and senior management.

Biren Parnami has been associated with The Company since 2019, first as Senior Manager of Finance and then as Head of Finance in 2022. The profile states that he became Chief Financial Officer on March 3, 2025, although the table of management changes records his appointment as Chief Financial Officer on March 6, 2025. His responsibilities include finance systems, budgeting, proposal support and team management, and his gross remuneration for Fiscal 2025 was Rs 1.8965 crore.

Manoj Modi has been associated with The Company since 2019 and has five years of experience in engineering, procurement and construction, or EPC, power projects. As Chief Operations Officer, or COO, he is responsible for overseeing operations to meet business goals and projections and for providing the operating team with leadership and resources. His 14.57% holding matches Biren Parnami’s disclosed ownership, making neither executive a smaller shareholder within the management pair.

How does executive ownership compare with the Gupta family’s disclosed stake?

The Company’s two executive promoters held more shares together than any one disclosed Gupta promoter, while the three Gupta promoters with numerical entries held a larger combined stake. Biren Parnami and Manoj Modi held 29.14% together, compared with 47.36% for Vinay Gupta, Ruchira Gupta and Babulal Gupta, based on their disclosed individual percentages of 25.86%, 18.77% and 2.73%.

The difference between the disclosed Gupta trio’s 47.36% and the executive pair’s 29.14% is 18.22 percentage points. Vinay Gupta’s 25.86% exceeded either executive’s 14.57% by 11.29 percentage points, while Ruchira Gupta’s 18.77% was 4.20 percentage points higher than either executive holding. Babulal Gupta’s 2.73% was 11.84 percentage points below each executive’s stake.

Vatsalya Gupta is also part of The Company’s promoter group and is Vice President-Projects, with responsibilities covering project execution, budget monitoring and project governance. He joined The Company in 2020, and the promoter table includes him among the six promoters. Because that table does not disclose a separate share count or percentage for Vatsalya Gupta, the prospectus supports the 76.51% group total but not an individual allocation to him.

What employment and governance disclosures accompany The Company’s ownership?

The Company states that all key managerial personnel and senior management are permanent employees, and none has a service contract providing benefits upon termination. It also says no key managerial personnel or senior management had availed loans from The Company as of the red herring prospectus date. These disclosures apply to the management group that includes Biren Parnami and Manoj Modi, whose combined ownership was 29.14%.

The Company had no employee stock options or other equity-based employee benefit schemes as of the red herring prospectus date. It also reported no contingent or deferred compensation for key managerial personnel and senior management, and no bonus or profit-sharing plan apart from bonus payments under statutory norms. Those policies distinguish the disclosed 29.14% shareholding of Biren Parnami and Manoj Modi from an employee option or profit-sharing arrangement.

The Company says its key managerial personnel and senior management were not appointed under an arrangement or understanding with major shareholders, customers, suppliers or others. Its management-change table records Shipra Gandhi’s appointment as Company Secretary and Compliance Officer on July 3, 2026, Madhuri Maheshwari’s appointment as Chief Accounts Officer on September 1, 2025, and Sanjay Mathur’s appointment as Vice President-Projects (Transmission) on January 4, 2026. The disclosure also states that no non-salary-related benefit was paid or given to any officer within the two years before the red herring prospectus filing, other than in the ordinary course of employment.

Conclusion

The Company’s pre-offer ownership is centred on a six-person promoter group with 76.51% of equity share capital. Vinay Gupta and Ruchira Gupta held the largest disclosed individual stakes at 25.86% and 18.77%, while Biren Parnami and Manoj Modi each held 14.57%. The ownership structure therefore includes both Gupta family members and senior executives responsible for finance and operations.

The next ownership figure to watch is the post-offer promoter percentage, because the disclosed 76.51% is explicitly pre-offer. The IPO Committee, constituted on July 27, 2026, is authorised to determine the actual issue size and the number of shares offered or allotted in consultation with the book running lead managers. The unresolved item in the current table is Vatsalya Gupta’s blank individual shareholding entry despite his inclusion in the six-promoter group.