Prima Innovation promoter Bhaskar Manharlal Parekh intends to acquire 34,89,760 equity shares, representing 31.72% of the company’s total share capital, from his brother Dilip Manharlal Parekh through an inter-se transfer by way of gift.

The proposed acquisition is scheduled to take place between September 28 and October 7, 2026. This transaction follows a similar consolidation earlier in September, where Dilip Parekh acquired shares from his wife Madhavi Dilip Parekh, indicating a broader restructuring of individual holdings within the promoter family.

Regulatory Exemption and Filing Details

The transfer falls under the exemption provided in Regulation 10(1)(a)(i) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as it involves an inter-se transfer between immediate relatives within the promoter group. Consequently, no open offer is required, and no consideration will be paid for the shares.

Prima Innovation filed the disclosure under Regulation 10(5) with the Bombay Stock Exchange (BSE) on September 25, 2026. The filing confirmed that the requisite fee was remitted to SEBI via NEFT on September 18, 2026, for the previous transaction, while this new intimation serves to notify the exchange of the upcoming transfer between brothers.

Shareholding Pattern Changes

The proposed transaction will result in a significant shift in individual promoter holdings while leaving the aggregate promoter group stake unchanged at 58.29%. The total equity share capital of Prima Innovation remains at 11,000,470 equity shares of ₹5 each.

Note: The acquirer's post-transaction holding includes shares held by Persons Acting in Concert (PACs) such as Pratik Bhaskar Parekh and Chhaya Bhaskar Parekh, which remain unchanged.

What the Numbers Show

The data reveals a rapid succession of intra-family transfers aimed at centralizing voting rights. In less than three weeks, Dilip Manharlal Parekh’s holding moved from 28.03% to 31.73% (via gift from his wife) and then to zero (via gift to his brother). Conversely, Bhaskar Manharlal Parekh’s stake jumps from 24.41% to 56.14%, making him the single largest shareholder by a wide margin. This pattern suggests a deliberate estate planning or succession strategy, consolidating majority control under one individual within the promoter group without altering the overall family ownership structure.

Prima Innovation Limited held its second Annual General Meeting (AGM) on September 23, 2026, via Video Conferencing. Shareholders approved the standalone financial statements for FY26, ratified the appointment of a new director, and confirmed the secretarial auditor for the next five years.

The meeting, conducted under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, saw the adoption of the Board’s report and audited accounts for the fiscal year ended March 31, 2026. The Statutory Auditors’ report contained no qualifications or adverse remarks affecting the company's functioning.

Voting results and resolution details

The company disclosed detailed voting results under Regulation 44(3). A total of 6,447,946 votes were polled across all resolutions, representing 58.62% of the total outstanding shares. The promoter group held 6,411,794 shares and voted 6,409,845 shares in remote e-voting, while public non-institutional shareholders voted 38,101 shares.

All three ordinary resolutions passed with overwhelming support. For the adoption of FY26 financial statements, 99.99% of votes polled were in favour, with only 856 votes against. Similarly, the re-appointment of Dilip Manharlal Parekh as a Director liable to retire by rotation received 99.99% assent votes.

The ratification of M/s P. Diwan & Associates as Secretarial Auditors also secured 99.99% votes in favour. Pursuant to this approval, the firm will serve as Secretarial Auditor for a term of five consecutive years commencing from FY27 to FY31. This appointment was initially approved by the Board of Directors on April 20, 2026.

Meeting proceedings and attendance

Executive Chairperson Pratik B. Parekh addressed shareholders, providing a brief summary of the company’s demerger process and financial performance for FY26. He also outlined future prospects during the Q&A session. Remote e-voting was available from September 20 to September 22, 2026, with additional voting facilities open during the meeting.

The scrutinizer's report noted that 7379 shareholders were on record as of the cut-off date of September 16, 2026. During the AGM, 7 promoter group members and 42 public shareholders attended via Video Conferencing. No institutional public shareholders participated in the voting process.