Shantai Industries Limited has reported a significant change in its promoter shareholding pattern following the transmission of equity shares due to the death of a co-promoter. The disclosure, made under SEBI regulations on August 19, 2024, reveals substantial changes in the company's ownership structure.

Share Acquisition Details

Vasudev Fatandas Sawlani, a promoter of Shantai Industries Limited, acquired 1,32,000 equity shares through off-market transmission on August 16, 2024. This acquisition occurred due to the transmission of shares following the death of a fellow co-promoter, representing a significant consolidation within the promoter group.

Regulatory Compliance

The transaction was disclosed in accordance with Regulation 29(2) read with Regulation 29(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure was submitted to both the Bombay Stock Exchange Limited, where the company's shares are listed, and to the company itself on August 19, 2024.

Company Share Capital Structure

The company's equity share capital structure remains unchanged following this transaction. Key details include:

Transaction Specifics

The share transmission represents an off-market acquisition that did not involve any market purchase or sale. The acquisition was purely due to the legal transmission of shares following the death of a co-promoter, which is a common occurrence in closely-held companies where promoter families hold significant stakes.

Impact on Shareholding Pattern

This transaction has resulted in a consolidation of promoter holdings, with Vasudev Fatandas Sawlani's stake increasing by 8.80 percentage points. The acquisition strengthens the promoter's control over the company while maintaining the overall promoter group classification. No dilution of share capital occurred as this was a transmission rather than a fresh issue of shares.

The disclosure confirms that the acquirer belongs to the promoter group and that no encumbrances, voting rights other than equity shares, or convertible securities were involved in this transaction.

Shantai Industries Limited has disclosed a substantial acquisition of shares under Regulation 29 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure, dated July 24, 2024, pertains to the acquisition of equity shares by promoter Vasudev Fatandas Sawlani through transmission following the death of a co-promoter.

Share Acquisition Details

The acquisition involved the transmission of 1,32,000 equity shares to Vasudev Fatandas Sawlani on July 23, 2024. This off-market acquisition occurred due to the transmission of shares following the death of a fellow co-promoter.

Shareholding Pattern Changes

The acquisition significantly altered Sawlani's shareholding pattern in the company. His total holding increased from 16.00% to 24.80% of the company's equity share capital.

Company Information

Shantai Industries Limited maintains its equity share capital structure unchanged following this transaction. The company's shares are traded on two stock exchanges in India.

Regulatory Compliance

The disclosure was made in compliance with Regulation 29(2) read with Regulation 29(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The acquisition was communicated to both The Bombay Stock Exchange Limited and the company's registered office in Surat. The company's total diluted share capital remains at 15,00,000 equity shares of Rs. 10 each, with no outstanding convertible securities or warrants affecting the shareholding calculation.