Varmora Granito: Katsura Holds 33.26%, Promoters Control 52.73%

Varmora Granito Limited has Katsura Investments as its largest disclosed shareholder, with 33.26% of pre-Offer capital on a fully diluted basis, while its promoters and promoter group hold 52.73% of 201,625,108 outstanding shares and voting rights. The 14 shareholders owning at least 1% each account for 96.94% on a fully diluted basis.

Who are Varmora Granito’s largest shareholders?

Katsura Investments is Varmora Granito’s largest disclosed shareholder, holding 68,038,093 equity shares, equal to 33.26% of pre-Offer equity capital on a fully diluted basis. The same holding equals 33.74% of paid-up equity capital. The company’s equity shares have a face value of Rs 2 each.

The difference between Katsura Investments’ 33.74% paid-up holding and 33.26% fully diluted holding arises because the fully diluted calculation includes vested options under the Employee Stock Option Plan 2023, or ESOP 2023. A fully diluted basis includes the shares represented by those vested options, increasing the denominator used to calculate ownership percentages without changing Katsura Investments’ disclosed 68,038,093 shares.

The three largest promoter shareholders are Bhavesh Vallabhdas Varmora with 19,351,425 shares, Hiren R Varmora with 19,117,155 shares, and Pramodkumar Parsotambhai Patel with 13,416,450 shares. Their fully diluted holdings are 9.46%, 9.35% and 6.56%, respectively, which means Katsura Investments’ 33.26% stake exceeds the holding of each individually named promoter.

The list of shareholders owning 1% or more was based on a beneficiary position statement dated June 12, 2026. A separate list, based on a June 5, 2026 beneficiary position statement and headed as shareholders holding 10% or more, repeats Katsura Investments’ 68,038,093 shares and 33.26% fully diluted holding. The supplied disclosures therefore report no change in Katsura Investments’ stated holding between those two reference statements.

How does Varmora Granito retain promoter voting control?

Varmora Granito’s promoters and promoter group retain voting control because their combined 106,311,980 shares represent 52.73% of the company’s 201,625,108 outstanding shares and voting rights. This is a majority of the outstanding voting rights reported in the shareholding pattern, despite Katsura Investments being the largest single shareholder in the fully diluted ownership list.

The promoter category comprises three holders with 51,885,030 shares, or 25.73% of total shareholding. Seven additional promoter-group holders own 54,426,950 shares, or 26.99%. Combining these two disclosed categories produces the 52.73% promoter and promoter-group stake, rather than any individual promoter’s shareholding alone.

The 86 public shareholders collectively hold 95,313,128 shares, representing 47.27% of outstanding shares and voting rights. The shareholding pattern identifies 96 equity shareholders in total, of whom 10 are classified as promoters or promoter-group members. The ownership classification means Katsura Investments’ 33.26% fully diluted stake is reported within the public side of the shareholding structure, not as part of the promoter group.

The 52.73% and 33.26% figures use different disclosed bases. The promoter figure is stated against outstanding shares and voting rights, while Katsura Investments’ figure is stated against pre-Offer capital on a fully diluted basis that includes vested ESOP 2023 options. The promoter group’s disclosed voting majority would continue only while its aggregate holding remains above 50% of outstanding voting rights.

How concentrated is Varmora Granito’s shareholding?

Varmora Granito’s shareholding is concentrated because its 14 holders with at least 1% each own 198,279,963 shares, or 96.94% of pre-Offer capital on a fully diluted basis. The same group accounts for 98.34% of paid-up equity capital, a 1.40-percentage-point difference reflecting the inclusion of vested ESOP 2023 options in the fully diluted measure.

Outside Katsura Investments and the named promoter-linked holders, the 1%-plus list includes Ashokbhai Naranhbhai Patel with 9,257,640 shares, Rajkumar P Varmora with 8,235,405 shares and Adarsh Harilal Patel with 6,436,845 shares. Their respective fully diluted holdings are 4.53%, 4.03% and 3.15%, showing that ownership is also distributed among several shareholders outside the principal promoter category.

The remaining shareholders outside the top 14 account for 3.06% of fully diluted capital, calculated from the disclosed 96.94% aggregate. This does not establish how those shareholders would vote, because the disclosure does not describe voting arrangements among public holders. The directly stated measure of voting control remains the promoter and promoter-group holding of 52.73%.

The company also states that it has complied with Section 25 of the Companies Act, 2013 and has not allotted shares to more than 200 allottees in any financial year since incorporation. That compliance statement concerns the number of allottees, while the 96.94% figure measures the ownership concentration among shareholders holding at least 1% on a fully diluted basis.

What do the disclosed transfers and pledge indicate?

The secondary-transfer schedule records Katsura Investments transferring shares for cash at Rs 204.59 per equity share in October and November 2025. On October 23, 2025, the schedule records a transfer of 733,182 shares from Katsura Investments to Varmora International. On October 28, 2025, it records another transfer of 2,443,940 shares from Katsura Investments to Varmora International.

The schedule also records transfers to a range of individual and corporate transferees. These include 610,985 shares transferred to Vidres India Ceramics Private Limited on October 28, 2025, and several transactions on November 7, 2025 involving 97,757 or 97,758 shares each. The filing identifies cash as the consideration but does not disclose the commercial rationale for these transfers.

The capital-structure disclosure states that, except for the listed transactions, no secondary acquisitions or transfers of equity shares were made by the promoters, promoter-group members and selling shareholders from the date of the draft red herring prospectus until the addendum date. That statement defines the disclosed transaction schedule as the reported exception during that period, rather than a complete history of the company’s share transfers.

The shareholding pattern contains an inconsistency in its pledge disclosure. The table row displays 7,830 shares and 0.3888%, while its accompanying note states that three holdings of 2,610,000 shares each, aggregating to 7,830,000 shares, were pledged to 360 ONE Prime Limited under a November 3, 2025 pledge agreement. The note says the pledge secures a loan availed by Varmora International, a promoter-group member, but the supplied disclosure does not reconcile the table-row figures with the note.

Conclusion

Varmora Granito’s reported ownership structure combines a 33.26% fully diluted holding by Katsura Investments with a 52.73% stake in outstanding voting rights held by promoters and the promoter group. Katsura Investments is therefore the largest disclosed individual shareholder, while the promoter classification holds the voting majority through the combined positions of 10 holders. The top 14 holders’ 96.94% fully diluted ownership further shows that the share base is concentrated.

The next ownership disclosure should be monitored for changes in Katsura Investments’ 68,038,093 shares, the promoter and promoter-group total of 106,311,980 shares, and the treatment of vested ESOP 2023 options. A later filing could also clarify the pledge figures displayed in the shareholding-pattern table and the November 3, 2025 pledge note.