Promoter group entities Metal Industrial Pte Limited and Sadhana Uday Chourasia sold 11,25,514 equity shares of Maxgrow India Limited via an off-market transfer on July 28, 2026. The sale reduced their aggregate stake in the Mumbai-based real estate developer from 92.82% to 89.78% of the total voting capital. The transaction represents a significant reduction in promoter holding, though the group retains a controlling interest in the company. The total equity share capital of Maxgrow India Limited remains unchanged at 3,99,45,065 shares following the transfer.

The disclosure was made to the Bombay Stock Exchange (BSE) on July 29, 2026, in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Shivkumar Ramsagar Pasi, Director of Maxgrow India Limited, signed the declaration confirming the details of the disposal. The filing specifies that the acquirer belongs to the Promoter/Promoter group category.

Transaction Details

The shareholding structure before and after the transaction is detailed below:

The mode of acquisition/sale was recorded as an Off-Market Transfer. There were no changes to the total diluted share/voting capital of the target company, which stands at 3,99,45,065 shares. The disclosure confirms that there were no warrants, convertible securities, or other instruments entitling the acquirer to receive shares carrying voting rights involved in this specific transaction.

What the Numbers Show

The reduction of the promoter stake by over 3 percentage points indicates a deliberate divestment by Metal Industrial Pte Limited and its persons acting in concert. Despite the sale, the promoters retain a substantial majority holding of nearly 90%, ensuring continued control over corporate decisions. The off-market nature of the transaction suggests a private arrangement rather than open market selling, which typically minimizes immediate price impact on listed exchanges compared to block trades or open market sales.

Maxgrow India Limited has appointed Santosh G. Doke as its Chief Financial Officer, effective July 24, 2026. The Board of Directors approved the appointment during a meeting held on July 24, 2026, in Mumbai. This leadership change follows recommendations from both the Nomination and Remuneration Committee and the Audit Committee, signaling a strategic update to the company’s financial management team. The appointment is made in compliance with the Companies Act, 2013, and SEBI Listing Regulations.

The Board meeting commenced at 3:30 p.m. and concluded at 3:50 p.m. on Friday, July 24, 2026. During the session, directors considered and approved the appointment of Mr. Santosh G. Doke to the CFO position. The decision aligns with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Additionally, the company adhered to SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, by providing detailed disclosures regarding the new executive’s profile and terms.

Appointment Details

Santosh G. Doke assumes the role immediately, with his term lasting until resignation or cessation. He brings 14 years of experience in accounts and finance, having worked with various companies throughout his career. There are no disclosed relationships between Doke and the existing directors.

Regulatory Compliance

Maxgrow India Limited submitted the disclosure to BSE Limited pursuant to regulatory requirements. The filing includes Annexure A, which details the appointment as required under the Listing Regulations. Shiv Kumar Ramsagar Pasi, Director of Maxgrow India Limited, signed the communication, confirming the board’s approval and adherence to statutory norms. The company’s registered office is located at Suchita Business Park, Ghatkopar - East, Mumbai.