Bhavishya Ecommerce Private Limited has announced a reduction in its shareholding in Deep Diamond India Limited following the disposal of equity shares through stock exchange operations.

Bhavishya Ecommerce sold 6.88 lakh equity shares of Deep Diamond India Limited, reducing its shareholding from 5.33% to 4.86%. The transaction was completed through the stock exchange.

Share Disposal Details

The shareholding changes reflect a significant transaction in Deep Diamond India Limited's equity structure:

Shareholding Position Changes

The disposal has resulted in a notable change in Bhavishya Ecommerce's ownership position in Deep Diamond India Limited:

Regulatory Compliance

The transaction has been disclosed in accordance with regulatory requirements under SEBI regulations. Key compliance aspects include:

• Disclosure made under Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
• Formal notification submitted to Deep Diamond India Limited and Bombay Stock Exchange Limited
• Complete documentation provided in the prescribed SEBI format

Bhavishya Ecommerce Private Limited, registered in Kolkata with CIN U72100WB2010PTC153636, has confirmed that it does not belong to the promoter or promoter group of Deep Diamond India Limited. The company's shares are listed on Bombay Stock Exchange Limited, where the transaction was executed through the standard stock exchange mechanism.

Transaction Context

The disposal represents a reduction in Bhavishya Ecommerce's investment position while maintaining a stake in Deep Diamond India Limited. The transaction was conducted through open market operations, ensuring transparency and adherence to established trading protocols. The company continues to hold over 70 lakh shares in the target company.

Deep Diamond India Limited board of directors approved significant corporate restructuring proposals during their meeting. The board session addressed key strategic changes that will require shareholder approval through a postal ballot process.

Name Change Proposal

The board approved a proposal to change the company's name from Deep Diamond India Limited to either Deep Health India Limited or Deep Health AI India Limited. The final name selection will depend on approval from the Registrar of Companies, following clearance from the Central Registration Centre (CRC) of the Ministry of Corporate Affairs (MCA) and other relevant regulatory authorities.

The name change will necessitate consequent alterations to the relevant clauses of the company's Memorandum of Association and Articles of Association, subject to member approval.

Postal Ballot Process

The board considered and approved a draft postal ballot notice to seek shareholder approval for the name change proposal. The postal ballot will include the agenda for the name change, ensuring proper corporate governance procedures are followed for this significant corporate decision.

These developments indicate the company's strategic pivot, potentially moving from its traditional diamond and gems business focus toward health-related sectors, as suggested by the proposed new company names. The successful implementation of these changes will depend on obtaining the necessary regulatory clearances and shareholder approvals through the upcoming postal ballot process.