Promoter entity Metal Industrial Pte Limited transferred 11,25,513 equity shares of Maxgrow India Limited to public shareholder Sadhana Uday Chourasia via an off-market deal on July 28, 2026. The transaction, valued at ₹10,07,33,503, was executed specifically to facilitate compliance with the Minimum Public Shareholding (MPS) requirements applicable to the Mumbai-based real estate developer. This strategic transfer increased the public shareholding from 7.18% to 10.00%, ensuring the company meets regulatory listing norms while allowing the promoter group to retain a controlling interest of 90%.

The revised disclosure was submitted to the Bombay Stock Exchange (BSE) on July 30, 2026, under Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. Shivkumar Ramsagar Pasi, Director of Maxgrow India Limited, signed the declaration confirming the details of the disposal. The filing clarifies that the acquirer, Sadhana Uday Chourasia, belongs to the public shareholder category, not the promoter group. The total equity share capital of Maxgrow India Limited remains unchanged at ₹199,725,325, comprising 3,99,45,065 equity shares of ₹5 each.

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. 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 from 92.82% to exactly 90.00% indicates a precise divestment aimed at regulatory compliance rather than open-market liquidity extraction. By transferring shares directly to a public shareholder, Metal Industrial Pte Limited ensured that the public holding crossed the 10% threshold mandated by SEBI for listed entities. Despite the sale, the promoters retain a substantial majority holding, ensuring continued control over corporate decisions. The off-market nature of the transaction suggests a private arrangement designed to minimize 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.