Mangalam Global Enterprise Limited promoter group entity Specific Worldwide LLP sold 32,00,000 equity shares in the company through an open market sale on September 24, 2026. This transaction reduced the promoter group's holding by 0.971% of the total share capital.

The disposal was executed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing was submitted to both the National Stock Exchange of India Limited and BSE Limited on September 25, 2026. This follows a previous sale of 16,41,847 shares on September 23, 2026.

Stakeholding Details

Prior to this latest sale, Specific Worldwide LLP held 2,60,90,037 equity shares, representing 7.917% of the company's total shareholding. Following the disposal of 32,00,000 shares, the aggregate holding stands at 2,28,90,037 equity shares, or 6.946% of the total share capital.

Transaction Specifics

The shares sold carried voting rights and were disposed of via an open market transaction. The disclosure confirms that no shares were held under encumbrance (pledge, lien, or non-disposal undertaking) either before or after the transaction. Additionally, there were no warrants, convertible securities, or other instruments entitling the holder to receive shares that were affected by this sale. The designated partner signing the document is Chandragupt Prakash Mangal.

What the Numbers Show

The promoter group has executed two consecutive open market sales within two days, totaling 48,41,847 shares sold across September 23 and 24, 2026. The cumulative reduction in stake over these two transactions amounts to approximately 1.47% of the total share capital. The post-sale holding of 6.946% remains above the 5% threshold, keeping the entity within the promoter group definition for regulatory purposes.

Mangalam Global Enterprise has issued a postal ballot notice to seek shareholder approval for the appointment of two new independent directors and remuneration enhancements for key advisory board members. The voting process will run from September 12, 2026, to October 11, 2026.

The Board of Directors approved the appointment of Mr. Ramesh Kumar Agrawal and Ms. Purvi Jayendra Bhavsar as Additional Directors in the capacity of Non-Executive, Independent Directors on September 8, 2026. Both appointments are effective from September 8, 2026, for a consecutive period of five years. The company is seeking final shareholder ratification through a special resolution.

Director Profiles

Mr. Agrawal brings nearly four decades of experience in the banking and financial services sector, including a 34-year tenure with State Bank of India (SBI). He superannuated as General Manager in 2021 and holds a Bachelor’s degree in Commerce from Calcutta University. His expertise spans corporate lending, risk management, and compliance. He also holds directorships at Advait Energy Transitions Ltd. and Century Tradeserve Ltd.

Ms. Bhavsar is a first-generation entrepreneur with over 30 years of experience across Banking, Financial Services, Insurance (BFSI), and Telecom sectors. She is the Co-Founder of Pahal Financial Services Private Limited, an NBFC-MFI. Her previous roles include senior positions at Kotak Mahindra, HDFC Bank, ICICI Bank, and Vodafone India.

Remuneration Approvals

The postal ballot also seeks approval for ordinary resolutions regarding remuneration enhancements for Ms. Tanisha Mangal and Ms. Honey Mangal, both Members of the Advisory Board.

Both Ms. Tanisha Mangal and Ms. Honey Mangal currently draw ₹2,50,000 per month. The proposed enhancement requires shareholder approval under Section 188(1)(f) of the Companies Act, 2013, as their monthly remuneration will exceed the statutory limit of ₹2,50,000.

Postal Ballot Process

The cut-off date for the postal ballot is fixed at September 4, 2026. Shareholders holding shares as on this date are eligible to vote. The remote e-voting facility is provided by MUFG Intime India Private Limited through its InstaVOTE platform. The voting period commences on Saturday, September 12, 2026, at 9:00 am and ends on Sunday, October 11, 2026, at 5:00 pm.

Mr. Rajesh Parekh, Partner at RPSS & Co., has been appointed as the Scrutinizer for the process. The results will be announced within two working days of the conclusion of the e-voting period. Both appointees are not related to any existing Directors or Key Managerial Personnel of the company and are not debarred from holding office by SEBI or other authorities.