Majestic Research: Promoters Acquire 95% Stake (2026)

Overview of the ownership change

Majestic Research Services and Solutions Limited has confirmed that its promoter group has acquired a 95% equity stake in the company through a preferential allotment of fresh shares. The disclosure was filed with BSE Limited on October 3, 2026, under Regulation 10(6) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company is listed on BSE (Scrip: 539229) and carries ISIN INE196R01012. The transaction is linked to the company’s insolvency proceedings and was executed pursuant to a Resolution Plan. The Resolution Plan was approved by the National Company Law Tribunal (NCLT), Bengaluru Bench, on June 20, 2025.

What was allotted and at what price

The transaction involved the preferential allotment of 3,92,350 fresh equity shares to five individuals identified as the Promoters/Acquirers. The shares were allotted at a price of Rs 10 each, which is equal to the face value of the equity shares. The company stated that the acquisition falls under Section 31 of the Insolvency and Bankruptcy Code, 2016. As a result, the acquirers are exempt from making an open offer under Regulation 10(1)(da) of the SEBI takeover regulations. The disclosure positions the allotment as part of the implementation of the NCLT-approved Resolution Plan.

Who the acquirers are

The acquiring entities named in the disclosure are Parth Shaileshbhai Patel, Rashmikaben S Patel, Alpesh Amrutlal Patel, Nitin Dahyabhai Patel, and Jalak Shaileshbhai Patel. The filing states that, prior to this transaction, none of the five individuals held any shares in the company. Post-allotment, the shareholding is concentrated among these five promoters. The company’s disclosure describes this as a significant shift in ownership following insolvency proceedings. It also notes that the remaining 5% of shares are held by other shareholders who were not part of this specific preferential allotment.

Post-transaction shareholding: promoters at 95%

The post-transaction shareholding pattern provided in the disclosure shows how the 95% promoter holding is distributed among the five acquirers.

How the insolvency resolution mechanics reshaped the cap table

Separate company communication also described a broader capital restructuring tied to an NCLT order, including extinguishment of existing shares and issuance of fresh equity. Majestic Research Services said July 8, 2026 was fixed as the record date for cancellation and extinguishment of all outstanding equity shares and issuance of fresh equity shares to existing public shareholders. It stated that 48,89,008 existing equity shares of face value Rs 10 each held by public shareholders would be consolidated into 20,650 equity shares of Rs 10 each. In parallel, Resolution Applicants and Associates would be allotted 3,92,350 fresh equity shares of Rs 10 each, making them the primary shareholders of the company. The same communication stated that the erstwhile promoter shareholders would hold NIL shares post-issue.

Key dates, share actions, and regulatory references

The disclosures and company updates cite multiple dates and regulatory provisions that frame the transaction and the exemption from an open offer.

What the numbers indicate about control

Based on the disclosed post-transaction stakes, control has shifted to the five named promoters who collectively hold 95% of the diluted share capital. The filing explicitly notes that the acquirers previously held zero equity, making this a full change in who exercises ownership control. The structure leaves 5% with other shareholders who did not participate in the preferential allotment. The company’s record-date communication also explains that existing public shareholders would receive 5 new shares for every 1,143 held, reducing their total holding to 20,650 shares in aggregate. Together, these steps show a recapitalisation structure where the Resolution Applicants and Associates become the majority stakeholders.

Trading and disclosure context on the exchange

Majestic Research Services is shown as listed on BSE, with the scrip information provided alongside the company identifier and ISIN. The dataset also flags the stock as “Suspended” under the Group MT tag. Separately, the company announced the closure of its trading window effective Thursday, October 1, 2026. The preferential allotment and exemption disclosure was filed with BSE on October 3, 2026. These updates place the ownership change within formal exchange disclosure and governance processes tied to the insolvency resolution.

Market impact and investor takeaways (fact-based)

From an investor standpoint, the key measurable outcome is the post-transaction concentration of shareholding, with 95% held by five promoters. The exemption from an open offer, as cited under Regulation 10(1)(da), is directly linked in the disclosure to the NCLT-approved resolution plan under Section 31 of the IBC. For remaining shareholders, the record-date communication points to a sharp consolidation of the public share count (48,89,008 shares consolidated into 20,650 shares), alongside the issuance of 3,92,350 shares to the resolution applicants and associates. The disclosures do not provide operational or financial performance updates alongside the allotment, so the measurable information available is primarily about shareholding and the legal pathway used.

Conclusion

Majestic Research Services’ filings describe a promoter-led acquisition of control through a preferential allotment under an NCLT-approved IBC resolution plan. Five individuals, previously holding no shares, now collectively hold 95% after receiving 3,92,350 shares at Rs 10 each. The company has also communicated a broader share extinguishment and reissue process with a July 8, 2026 record date, and it announced a trading window closure effective October 1, 2026. The next formal milestones to track are any further exchange filings that follow from the implementation steps described in the resolution-linked communications.