Aakash Exploration Services promoter Pravin Vershibhai Haria has acquired a 7.19% stake in the company through a gift transaction from his immediate relative, Krunal Pravin Haria. The transfer involves 72,77,950 equity shares and is structured as an inter-se transfer among promoters, exempting the acquirer from the obligation to make an open offer to public shareholders under SEBI regulations. The acquisition reflects a consolidation of promoter holdings without any change in overall promoter group control or cash consideration.

The transaction was disclosed to the National Stock Exchange of India Limited on July 30, 2026, under Regulation 10(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing cites Regulation 10(1)(a)(i) as the basis for exemption, which permits transfers between promoters and their immediate relatives without triggering takeover code requirements. The proposed date for the acquisition is on or after August 06, 2026. Since the shares are transferred by way of gift, no monetary consideration is involved, rendering market price benchmarks such as volume-weighted average prices not applicable.

Transaction Details

Shareholding Changes

The transaction results in a complete shift of the specified shareholding from the transferor to the acquirer. Prior to the transaction, Pravin Vershibhai Haria held 0.00% of the company’s total share capital, while Krunal Pravin Haria held 7.19%. Post-transaction, Pravin Vershibhai Haria’s holding increases to 7.19%, and Krunal Pravin Haria’s holding reduces to 0.00%. This restructuring aligns with common corporate governance practices where promoter families consolidate holdings for administrative ease or estate planning purposes.

Regulatory Compliance

The acquirer declared that all conditions specified under Regulation 10(1)(a) regarding exemptions have been duly complied with. Both the transferor and transferee confirmed compliance with applicable disclosure requirements under Chapter V of the Takeover Regulations, 2011, during the three years preceding the proposed acquisition. The filing asserts that no open offer is required as the transfer falls squarely within the exemption for inter-promoter transfers involving immediate relatives. The disclosure serves as prior intimation to stock exchanges for record and dissemination purposes, ensuring transparency in substantial shareholding changes.

Aakash Exploration Services Limited has intimated the stock exchanges regarding an inter-se transfer of shares amongst its promoters. Navinchandra Vershibhai Haria is set to acquire 72,77,950 shares, constituting 7.19% of the total share capital, from Krunal Pravin Haria. The acquisition is scheduled to take place on or after July 28, 2026.

The transaction involves a transfer of shares without consideration by way of gift. This move is classified as an inter-se transfer by a promoter to an immediate relative, falling under Regulation 10(1)(a)(i) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Consequently, the acquirer is exempt from making an open offer.

The disclosure confirms that both the transferor and transferee have complied with the applicable disclosure requirements in Chapter V of the Takeover Regulations, 2011, during the three years prior to the proposed acquisition. The acquirer has also declared that all conditions specified under regulation 10(1)(a) regarding exemptions have been duly complied with.

Following the transaction, the shareholding pattern of the promoters will undergo a significant shift. Navinchandra Vershibhai Haria's holding will increase from 1,500 shares to 72,79,450 shares, raising his stake to 7.19%. Conversely, Krunal Pravin Haria will cease to hold any shares in the company, reducing his stake from 7.19% to 0.00%.

Shareholding Details