Navin Katiyar transferred 10.99 lakh shares before the issue

Navin Katiyar transferred 10.99 lakh equity shares for cash at Rs 23 each across eight transactions from August 12 to September 23, 2025. The disclosed transfers lowered Katiyar’s cumulative holding from 58.70 lakh shares after the April 2025 bonus issue to 47.71 lakh shares, or 34.21% of pre-issue capital.

How many shares did Katiyar transfer before the issue?

Katiyar transferred 10,99,384 equity shares between August 12 and September 23, 2025. The figure is the cumulative reduction from 58,69,980 shares following the April 28, 2025 bonus issue to 47,70,596 shares after the September 23, 2025 transfer.

Each of the eight August-September 2025 transfers was recorded as a cash transaction at Rs 23 per equity share, while each equity share had a face value of Rs 10. The prospectus classifies these entries as transfers that reduced Katiyar’s cumulative shareholding, rather than as fresh allotments by the company.

The 32.73% figure in the April 28 build-up entry and the 34.21% pre-issue figure do not use the same stated measurement point. The final pre-issue percentage measures 47,70,596 shares against the company’s 1,39,46,282 fully paid equity shares, while the transaction table reports percentages alongside individual historical transactions.

Which transfers made up Katiyar’s 10.99 lakh-share reduction?

The largest dated transfer was 5,76,617 shares on September 23, 2025, reducing Katiyar’s cumulative holding from 53,47,213 shares to 47,70,596 shares. The prospectus identifies Gaurav Chhabra, Ritu Rani, Sonu Soni and Krishna Chawla among the recipients listed for that transaction.

On August 22, 2025, Katiyar transferred 2,97,918 shares, taking the cumulative holding to 55,72,061 shares after a one-share transfer on August 12. The August 22 recipients included Parveen Khanna, Bhim Sain, Vansh Bajaj, Savishesh Raj and Ritu Bajaj, with Savishesh Raj receiving 2,08,333 shares.

The remaining disclosed transfers were 93,751 shares on August 29, 78,900 shares on September 8, 26,944 shares on September 10, 23,829 shares on September 11 and 1,424 shares on September 16, 2025. The August 29 transfer named Ramesh Kumar, Ravinder Kumar and Uma, while later entries named recipients including Sunil Arora, Pardeep Tayal, Ashima Chawla and Abhay Kumar Yadav.

What did the April 2025 bonus issue change for Katiyar?

The April 28, 2025 bonus issue added 45,65,540 equity shares to Katiyar’s holding, taking it to 58,69,980 shares before the subsequent transfers. The bonus issue was made in a 35:10 ratio, meaning 35 equity shares for every 10 shares held, with nil issue price and Rs 10 face value per share.

Before the 2025 bonus issue, Katiyar held 13,04,440 shares following the March 11, 2019 bonus issue and a transfer of 1,100 shares on August 17, 2021. The 2019 bonus issue added 8,70,360 shares to Katiyar’s holding, while the 2021 transfer was recorded at Rs 100 per share to 11 named recipients.

The April 2025 corporate action allotted 1,08,47,107 equity shares across the shareholder base. It allotted 45,65,540 shares to Katiyar, 25,52,487 to Praveen Kumar, 20,47,500 to Sumit Kumar Bajaj and 10,77,153 to Sarika Katiyar.

How concentrated was ownership after Katiyar’s transfers?

Katiyar remained the largest individual shareholder with 47,70,596 shares, equal to 34.21% of the pre-issue equity share capital. The four promoters together held 1,20,69,776 shares, or 86.55% of the 1,39,46,282 pre-issue shares, compared with 18,76,506 public shares, or 13.45%.

Praveen Kumar held 32,81,769 shares, or 23.53%; Sumit Kumar Bajaj held 26,32,500 shares, or 18.88%; and Sarika Katiyar held 13,84,911 shares, or 9.93%. The promoter group therefore retained 86.55% of pre-issue capital after Katiyar’s transfers, although Katiyar’s individual stake had fallen by 10,99,384 shares from its post-bonus level.

Shareholders with at least 1% of pre-issue capital held 1,28,51,022 shares, or 92.15%, according to the prospectus. Beyond the four promoters, the list included Abundantia Capital VCC-Abundantia Capital III with 4,16,659 shares, Savishesh Raj with 2,08,334 shares and Invicta Continuum Fund I with 1,56,253 shares.

What lock-in rules apply to promoter holdings after the issue?

The prospectus states that 41,69,527 shares will constitute minimum promoters’ contribution and will be locked in for three years from allotment under Regulations 236 and 238 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations. The detailed minimum-contribution table lists holdings of Praveen Kumar, Sarika Katiyar and Sumit Kumar Bajaj, and does not list Katiyar’s shares in that contribution.

For promoter holdings above the minimum promoters’ contribution, 50% will be locked in for two years from allotment and the remaining 50% for one year. All other pre-issue shares will be locked in for one year, and the company stated that promoter shares were not pledged with creditors for purposes of the minimum-contribution calculation.

The company also stated that it did not intend to alter its capital structure for six months from the opening of the issue through a split, consolidation, bonus issue, rights issue, preferential issue or further public issue, other than the issue and equity shares issued under its employee stock option plan. It separately said no further equity shares would be issued between filing of the Red Herring Prospectus and listing, or refund of application money where applicable.

Conclusion

Katiyar’s eight disclosed transfers redistributed 10,99,384 shares at Rs 23 each and reduced the individual holding to 34.21% of pre-issue equity capital. The transfers followed a 35:10 bonus issue that had raised Katiyar’s holding to 58,69,980 shares, while the four-promoter group continued to own 86.55% of the company’s 1,39,46,282 pre-issue shares.

The next reported ownership changes will depend on transactions between the Red Herring Prospectus filing and issue closure, which the company says promoters and promoter-group members must report to stock exchanges within 24 hours. The prospectus also leaves post-issue promoter holdings to be updated, while the disclosed one-, two- and three-year lock-in periods will govern transfers after allotment.