Vega Jewellers Limited , a prominent player in the jewellery industry, has significantly increased its ownership stake in Vega Jewellers JHills Limited Liability Partnership (LLP). The company has raised its share from 50.99% to 60.98%, solidifying its position as a Designated Partner in the LLP.

Investment Details

Vega Jewellers has made a substantial investment to increase its stake in the partnership. Here are the key details of the transaction:

Corporate Disclosure

In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Vega Jewellers Limited has formally notified the BSE Limited about this development. The company, which was formerly known as PH Trading Limited, made this announcement through its Company Secretary and Compliance Officer, B. Kiran Kumar.

Company Background

Vega Jewellers Limited has its registered office at One Lodha Place, 14th Floor, Unit 1403, Senapati Bapat Marg, Lower Parel, Delisle Road, Mumbai. The company's move to increase its stake in the JHills LLP aligns with its strategic initiatives in the jewellery sector.

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 The company has withdrawn its previous application for reclassifying promoter Mallinath Madineni from the promoter to public category, opting instead for a more comprehensive strategy.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Details of the Withdrawn Application

The withdrawn application, which focused solely on Mallinath Madineni's reclassification, had the following details: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