Patel Engineering has disclosed the completion of share transmission involving 13,52,600 equity shares to Janky Patel, following the demise of promoter Rupen Patel. The transaction was completed on March 26, 2026, under the exemption provisions of SEBI Takeover Regulations.

Transaction Background

Rupen Patel, one of the promoters of Patel Engineering Limited, expired on July 05, 2024. He had nominated Janky Patel for a total of 3,07,85,933 shares held by him in the company. The transmission process was completed in phases due to the pledged nature of certain shares.

The share transmission timeline unfolded as follows:

• September 13, 2024: Transmission of 1,49,900 unencumbered shares
• June 25, 2025: Transmission of 2,92,83,433 equity shares after pledge release
• March 26, 2026: Final transmission of 13,52,600 equity shares after balance pledge release

Shareholding Details

The latest transmission represents 0.14% of the company's total share capital and was completed at nil consideration as it constitutes a transmission rather than a purchase transaction.

Regulatory Compliance

The acquisition falls under Regulation 10(1)(g) of the SEBI Takeover Regulations, which provides exemption from making an open offer for transmissions following the death of a shareholder. The company filed the disclosure under Regulation 10(6) with both the National Stock Exchange of India Limited and BSE Limited.

The final transmission completes the transfer of all shares held by the late Rupen Patel to his nominee Janky Patel, with the delay in the last tranche attributed to the release of pledged shares by lenders on March 25, 2026.

Patel Engineering Limited has completed the transmission of 1,49,900 equity shares to Ryan Rupen Patel, a member of the promoter group, following regulatory disclosures under SEBI Takeover Regulations. The transaction was executed through nomination provisions after the demise of Ms. Chandrika Patel, who was also part of the promoter group.

Transaction Details

The share transmission was completed on March 26, 2026, following the release of pledge on the shares. Ms. Chandrika Patel, who expired on January 22, 2023, had nominated Ryan Patel as the nominee for her shareholding in the company. The transmission process was conducted in accordance with applicable succession laws.

Regulatory Compliance

The acquisition falls under Regulation 10(1)(g) of the SEBI Takeover Regulations, which provides exemption from making an open offer. Under this regulation, no prior disclosure was required under Regulation 10(5), and the company has filed the necessary post-transaction disclosures under Regulation 10(6).

Shareholding Changes

The transmission has resulted in changes to the shareholding pattern within the promoter group. Ryan Patel's stake in the company has increased following the completion of the transmission process.

Corporate Impact

The transmitted shares represent 0.02% of Patel Engineering's diluted share capital. The transaction maintains the shares within the promoter group structure, with Ryan Patel now holding the combined shareholding. The company has confirmed that these shares will be managed in accordance with applicable succession laws and regulatory requirements.

The disclosure was filed with both the National Stock Exchange of India Limited and BSE Limited, where Patel Engineering's shares are listed. The transaction represents an internal restructuring within the promoter group following the succession process, with no impact on the overall promoter group shareholding percentage.