Vega Jewellers (formerly known as PH Trading Limited) has undergone a significant change in its ownership structure as Santan Investment Advisory LLP substantially increased its stake through an off-market open offer.

Key Details of the Acquisition

Ownership Structure Changes

*PACs: Persons Acting in Concert (Mallinath Madineni and Pratima Madineni)

The acquisition has resulted in a substantial change in Vega Jewellers' ownership structure. Santan Investment Advisory LLP, along with persons acting in concert, now holds a controlling stake of 74.30% in the company, up from their previous 8.69% holding.

Additional Notes

• The acquirer does not belong to the promoter group of Vega Jewellers.
• Following the acquisition, Vega Jewellers' equity share capital increased from 480,000 shares to 4,800,000 paid-up equity shares, each with a face value of Rs. 10.00.

This significant stake acquisition may potentially lead to changes in the company's strategic direction and management. Shareholders and market observers will likely be watching closely for any subsequent announcements or changes in Vega Jewellers' operations and governance structure.

Vega Jewellers Limited (formerly known as PH Trading Limited) has announced a significant change in its approach to promoter reclassification. The company has withdrawn its previous application for reclassifying promoter Mallinath Madineni from the promoter to public category, opting instead for a more comprehensive strategy.

New Consolidated Application

According to the company's latest communication to the BSE, Vega Jewellers plans to file a new consolidated application that will encompass multiple promoters under the open offer route. This new application will include:

1. Mallinath Madineni
2. Santan Investments Advisory LLP

Inclusion of Previously Rejected Request

The company has decided to incorporate a previously rejected reclassification request into this new consolidated application. This earlier request sought to reclassify the following entities from promoter to public category:

1. Avishek Himatsingka
2. Variable Plaza Private Limited

This earlier application was made under the Open Offer route but was rejected by the BSE.

Details of the Withdrawn Application

The withdrawn application, which focused solely on Mallinath Madineni's reclassification, had the following details:

Company's Statement

In its official communication, Vega Jewellers stated, "We will be filing a fresh application, including both the names of promoters, Mr. Mallinath Madineni and Santan Investments Advisory LLP, in a single application under the same Open offer route dated 19.01.2024."

The company further added that it would be "including in the new application the earlier reclassification request filed on 11.12.2023 (Case No. 190212) for the reclassification of Mr. Avishek Himatsingka and Variable Plaza Private Limited from Promoter to Public category under the Open Offer route dated 13.04.2023, which was previously rejected by the BSE."

This strategic move by Vega Jewellers to consolidate multiple reclassification requests into a single application demonstrates the company's efforts to streamline its promoter structure and potentially simplify its regulatory compliance processes.

Vega Jewellers Limited, listed on the BSE with scrip code 512026, continues to navigate the complexities of promoter reclassification as it evolves its corporate structure. Shareholders and potential investors should keep an eye on further developments regarding this consolidated reclassification application.