SJ Corporation Limited announced receipt of requests from promoters Savji D Patel and Ushaben Savjibhai Patel to reclassify their shareholding from the promoter category to the public category. The move follows the completion of an open offer by new acquirers on August 3, 2026.

The request was made in compliance with Regulation 31A(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company filed this intimation with BSE Limited on September 24, 2026. The reclassification is linked to a Share Purchase Agreement executed on January 30, 2026.

Transaction details and shareholding shift

Under the agreement, the sellers transferred 49,20,000 equity shares, representing 11.35% of the expanded voting share capital, to four acquirers: Pintu Kanjibhai Kalavadia, Prashant Kanjibhai Kalavadia, Umang Kantilal Savani, and Kalpesh Patel. These acquirers also assumed management rights and control of the target company.

The open offer was completed on August 3, 2026. Consequently, the erstwhile promoters no longer hold more than ten percent of the total voting rights or exercise control over the company's affairs. Savji D Patel confirmed he holds no equity shares following the transaction. Ushaben Savjibhai Patel disclosed holding 10,00,000 shares (2.31%), which remains below the ten percent threshold for promoter classification.

Regulatory compliance and certifications

Both applicants certified that they do not hold more than ten percent of total voting rights, do not exercise direct or indirect control, and have no special rights through shareholder agreements. They confirmed they are not represented on the board of directors and do not act as key managerial persons. Additionally, both stated they are not wilful defaulters or fugitive economic offenders.

The applicants committed to complying with conditions under Regulation 31A(3) of the SEBI LODR Regulations. This includes maintaining non-control status and refraining from board representation or key managerial roles for at least three years from the date of reclassification. Failure to meet these conditions would result in reclassification back to the promoter group.

What the numbers show

The data reveals a complete exit from promoter status for Savji D Patel, who retains zero equity after transferring his joint stake. In contrast, Ushaben Savjibhai Patel retains a residual 2.31% stake. This divergence indicates that while both individuals sought reclassification due to the loss of control and voting rights below the regulatory threshold, their final economic exposure to SJ Corporation differs significantly. The retention of a small minority stake by one party suggests a partial financial detachment rather than a full liquidation of all interests.

Promoter Umang Kantilal Savani has increased his holding in SJ Corporation Limited by acquiring 12,93,578 equity shares, representing a 2.98% stake in the company. The acquisition was executed through an off-market transaction under a Share Purchase Agreement dated January 30, 2026.

The share purchase followed a mandatory open offer issued to public shareholders, which successfully closed on August 3, 2026. Savani filed the disclosure with the Bombay Stock Exchange on September 12, 2026, pursuant to Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Shareholding Structure Change

Prior to this transaction, Savani held 46,96,244 shares, accounting for 10.83% of the total voting capital. None of these shares were encumbered or pledged. Following the acquisition, his total holding stands at 59,89,822 shares, raising his stake to 13.82%.

The company’s total equity share capital remains unchanged at ₹4,33,55,000, divided into 4,33,55,000 equity shares of Re. 1 each. There were no changes in warrants, convertible securities, or other instruments entitling the acquirer to voting rights.

What the Numbers Show

The consolidation of promoter holdings is complete without any associated leverage risk. The filing confirms that zero shares held by Umang Kantilal Savani are encumbered with pledges or liens, indicating that the increased stake is fully unencumbered.