K Sons Family Trust Holds 97% Before Transformer Maker IPO

K Sons Family Trust holds 72,203,991 equity shares, or 97.00% of the transformer maker’s pre-offer paid-up equity capital on a fully diluted basis. Promoters and the promoter group together hold 99.72%, leaving 0.28% outside those disclosed holdings. K Sons Family Trust is also identified as the promoter selling shareholder in the proposed offer.

How concentrated is K Sons Family Trust’s pre-offer holding?

K Sons Family Trust accounts for all quantified promoter shareholding in the pre-offer ownership table. The trust holds 72,203,991 equity shares of face value Rs 2 each, equal to the table’s total promoter holding of 72,203,991 shares and 97.00% of paid-up equity capital on a fully diluted basis.

The promoter group other than promoters holds a further 2,028,000 shares, or 2.72%, in the same table. Adding that block to K Sons Family Trust’s 97.00% produces the disclosed 99.72% combined holding, leaving 0.28% of pre-offer equity outside promoters and the promoter group.

What does K Sons Family Trust’s 97% stake show?

K Sons Family Trust’s 97.00% stake shows that ownership was highly concentrated before the proposed offer. The trust alone held 97.00 percentage points of the 99.72% combined promoter and promoter-group stake, while all other disclosed shareholders collectively accounted for 0.28%.

The 97.00% and 99.72% figures are pre-offer measures, not final listed-company ownership figures. The Draft Red Herring Prospectus states that post-offer holdings will be updated after the price band, actual subscription, offer price and basis of allotment are finalised.

K Sons Family Trust is identified as the promoter selling shareholder, and the offer for sale is proposed at up to 14,590,000 equity shares. An offer for sale transfers existing shares held by a selling shareholder, whereas the proposed fresh issue of up to Rs 300 crore would create new equity shares and dilute existing holders.

Who are the disclosed promoters and promoter-group holders?

K Sons Family Trust is one of seven promoters named in the offer summary. The other six named promoters are Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal and Aditya Singhal, although the completed pre-offer table records shares only against K Sons Family Trust under the promoter category.

The quantified promoter-group table names Kanohar International Private Limited as holding 2,028,000 shares, or 2.72%, outside the promoter category. A later summary table instead names Kainohat Limited as the promoter-group holder, but all of its shareholding fields are blank and marked for completion at the prospectus stage.

The company had 45 shareholders as of the date of the Draft Red Herring Prospectus, including promoters and promoter-group members. The available disclosure does not identify the holders of the residual 0.28%, because the additional top-10 shareholder table contains placeholders rather than completed shareholder names and holdings.

What could change K Sons Family Trust’s stake after the offer?

K Sons Family Trust’s post-offer percentage will depend on the final number of shares sold through the offer for sale and the number of new shares issued in the fresh issue. The prospectus gives an offer-for-sale ceiling of 14,590,000 shares, but does not yet state the final number to be sold by K Sons Family Trust or the trust’s final post-offer holding.

The company may also undertake a discretionary pre-initial public offering placement of up to Rs 60 crore before filing the Red Herring Prospectus. If completed, that placement would reduce the fresh-issue amount, cannot exceed 20% of the fresh-issue size and must be reported to stock exchanges within 24 hours, according to the prospectus.

The proposed fresh-issue proceeds include Rs 66.741 crore for capital expenditure and Rs 130 crore for incremental working-capital requirements. The capital expenditure includes machinery and equipment at the Gangol Manufacturing Facility, office construction and interior development, solar power plants, and electric vehicles for handling and movement at the facility.

What operating scale underlies the proposed offer?

The transformer maker reported an order book of Rs 1,635.56 crore as of September 30, 2025, compared with Rs 861.472 crore as of March 31, 2025. An order book represents orders received for execution, and the disclosed value rose by Rs 774.088 crore over the six-month comparison.

Revenue from operations was Rs 450.612 crore in the financial year ended March 31, 2025, compared with Rs 276.69 crore in the financial year ended March 31, 2024. Profit for the year rose to Rs 65.118 crore from Rs 17.755 crore over the same period, while total borrowings declined to Rs 322.65 crore from Rs 420.77 crore.

As of September 30, 2025, the company was one of five Indian companies with short-circuit test certification for 500 megavolt-amperes, or MVA, 400 kilovolt transformers. The prospectus also identifies risks from reliance on transformer manufacturing, government-controlled tendering entities, key customers, suppliers and manufacturing facilities in Meerut, Uttar Pradesh.

Conclusion

K Sons Family Trust’s 97.00% pre-offer holding is the defining ownership disclosure: it equals the entire quantified promoter stake, while the combined promoter and promoter-group stake reaches 99.72%. The 2.72% promoter-group block and 0.28% residual outside that structure show that the equity base was concentrated before the offer.

The next update will be the prospectus disclosure of post-offer holdings after the price band and allotment are finalised. The final number of shares sold by K Sons Family Trust and any pre-initial public offering placement of up to Rs 60 crore will determine the extent of the trust’s sale-related reduction and dilution from new shares.