TNA Solutions promoters retain 50.43% after IPO dilution

TNA Solutions’ three promoters are projected to retain 50.43% of post-offer equity, preserving a majority after the issue. They will continue to hold 1.03 crore shares while TNA Solutions issues up to 54.08 lakh new shares, increasing paid-up equity from 1.50 crore shares to 2.04 crore shares, assuming full subscription.

Will TNA Solutions’ promoters still control the company after the IPO?

Yes. TNA Solutions’ promoters, Ambuj Jain, Ayush Jain and Tanu Jain, are projected to hold 50.43% after the offer, compared with 68.62% before it. The prospectus calculates the post-offer position on the assumption that all 54.08 lakh proposed equity shares are allotted, taking total equity to 2,04,08,000 shares.

The change is caused by a fresh issue of shares rather than a promoter sale. The three promoters will retain their pre-offer holding of 1,02,92,500 shares, but their percentage falls as the share base expands by 36.05%. TNA Solutions has one class of fully paid equity shares with a face value of Rs 10 each, and each share carries one vote.

Ambuj Jain will remain the largest individual shareholder with 99.75 lakh shares, or 48.88% of post-offer equity, down from 66.50% before the offer. Ayush Jain will hold 2.93 lakh shares, or 1.43%, and Tanu Jain will hold 25,000 shares, or 0.12%. Their percentage reductions arise from dilution, not a disposal of shares.

How did the 4:1 bonus issue affect TNA Solutions’ ownership?

TNA Solutions’ 4:1 bonus issue increased the number of shares fivefold without changing proportional ownership at the time of allotment. On July 14, 2026, TNA Solutions allotted 1.20 crore bonus shares, meaning each eligible shareholder received four additional shares for every one share held.

The bonus issue raised paid-up equity from 30 lakh shares to 1.50 crore shares and was made for consideration other than cash. TNA Solutions states that the issue capitalised reserves and securities premium, complied with Section 63(2)(d) of the Companies Act, 2013, and did not use revaluation reserves. The company also states that it has not revalued assets since incorporation.

Ambuj Jain received 79.80 lakh bonus shares, the largest allocation in the July 2026 issue. Anil Kumar Goel received 17 lakh shares, Topfilings India Capital Markets Private Limited received 7.50 lakh shares, and Indo Thai Securities Limited received 4.80 lakh shares. Ayush Jain received 2.34 lakh shares and Tanu Jain received 20,000 shares.

The timing places the capital expansion shortly after TNA Solutions’ formation. TNA Solutions was incorporated on June 23, 2024, and had built its 30 lakh pre-bonus shares through incorporation subscriptions, a July 2024 rights issue and private placements through August 2025. Unlike the bonus issue, the IPO adds shares for new allottees and therefore changes ownership percentages.

How concentrated was TNA Solutions’ ownership before the IPO?

TNA Solutions’ pre-offer equity was concentrated among a small number of holders, led by Ambuj Jain. As of September 18, 2026, the six shareholders with at least 1% of paid-up capital held 94.09% of TNA Solutions’ 1.50 crore shares.

Ambuj Jain held 99.75 lakh shares, or 66.50% of paid-up capital. Anil Kumar Goel held 21.25 lakh shares, or 14.17%; Topfilings India Capital Markets Private Limited held 9.38 lakh shares, or 6.25%; and Indo Thai Securities Limited held 6 lakh shares, or 4.00%. The prospectus presents these holders as public shareholders rather than promoters in its post-offer ownership table.

The September 18 shareholding pattern recorded five promoter and promoter-group shareholders holding 68.68% of equity and 21 public shareholders holding 31.32%. The three named promoters accounted for 68.62%, while promoter-group members Anupam Jain and Anuj Jain held the remaining 0.06%, or 10,000 shares. Combined, promoters and the promoter group are projected to hold 50.48% after the offer.

What public shareholding will TNA Solutions have after the IPO?

TNA Solutions’ IPO shares are projected to represent 26.50% of post-offer equity, while total public ownership is projected to reach 49.52%. The difference reflects the 31.32% public holding that already existed before the IPO and remains outstanding after the fresh issue.

The proposed issue comprises up to 54.08 lakh shares, including up to 2.72 lakh shares reserved for a market maker and a net public issue of up to 51.36 lakh shares. A market maker is an intermediary that provides buy and sell quotations under stock-exchange rules. The market-maker portion is included in the IPO’s stated 26.50% post-offer holding.

The net public issue provides for 25.64 lakh shares for qualified institutional buyers, 17.98 lakh shares for individual investors applying at the minimum application size, and 7.74 lakh shares for non-institutional investors. TNA Solutions says permitted spill-over may be used if a category is undersubscribed, so the final allocation by investor category can differ from these planned amounts.

The post-offer holding table is subject to finalisation of the basis of allotment. TNA Solutions also states that neither its promoters nor promoter group will participate in the issue. Consequently, the promoters’ stated 50.43% stake depends on the full allotment assumption and the final number of shares issued.

What lock-ins apply to TNA Solutions’ promoter holding?

TNA Solutions must lock in promoter shares equal to at least 20.00% of fully diluted post-issue capital for three years from allotment. The prospectus identifies 38.30 lakh Ambuj Jain shares, 2.34 lakh Ayush Jain shares and 20,000 Tanu Jain shares for this purpose, totalling 40.84 lakh shares.

Those shares were allotted in the July 14, 2026 bonus issue and are stated to be fully paid and held in dematerialised form. TNA Solutions says the shares are eligible as minimum promoter contribution under the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements regulations because they were not derived from revaluation reserves or unrealised profits and are not pledged.

TNA Solutions also discloses 31.05 lakh promoter shares for a two-year lock-in and 31.03 lakh Ambuj Jain shares for a one-year lock-in from allotment. The company states that pre-issue equity held by persons other than promoters will be locked in for one year, subject to applicable transfer provisions. These restrictions limit transferability but do not alter the reported post-offer ownership percentages.

Conclusion

TNA Solutions’ IPO would reduce the three promoters’ ownership from 68.62% to 50.43% by issuing up to 54.08 lakh new shares, not by reducing their 1.03 crore-share holding. The July 2026 4:1 bonus issue expanded share counts proportionately, whereas the fresh IPO issue creates the subsequent ownership dilution.

The next ownership update is the final prospectus and basis of allotment, which TNA Solutions says will update the post-offer figures. TNA Solutions also states that it does not presently propose a capital-structure change for six months from the issue opening date, except if business needs require financing for an acquisition, merger, joint venture, regulatory compliance or another board-approved purpose after listing.