Davin Sons Retail Changes Market Maker

Davin Sons Retail Limited has announced a strategic transition in its market maker arrangement, ensuring continued liquidity support for its shares listed on the BSE SME segment. The company has appointed Rikhav Securities Limited as its new market maker while discontinuing services with Aftertrade Broking Private Limited, both changes taking effect on December 17, 2025.

Market Maker Transition Details

The market maker change involves a seamless transition to maintain trading liquidity for the company's shares. The key details of this transition are outlined below:

Parameter	Incoming Market Maker	Outgoing Market Maker
Company Name	Rikhav Securities Limited	Aftertrade Broking Private Limited
Action	Appointment as market maker	Discontinue as market maker
Effective Date	December 17, 2025	December 16, 2025
Timing	Start of market hours	After market hours

Background and Rationale

Aftertrade Broking Private Limited had been serving as the market maker for Davin Sons Retail since the company's listing date of January 9, 2025, under a Market Making Agreement dated July 15, 2024. The outgoing market maker provided seven days' notice for discontinuation, citing other business occupancies as the reason for stepping down from their market-making duties.

In their resignation notice dated December 8, 2025, Aftertrade Broking confirmed they had been actively providing quotes on the BSE platform since the listing date. The company clarified that from December 17, 2025, they would cease providing any quotes for the scrip as a market maker.

New Market Maker Credentials

Rikhav Securities Limited has formally consented to act as the replacement market maker for Davin Sons Retail's shares. The new market maker brings established credentials to support the company's trading activities:

Details	Information
Registered Office	922-A, 9th Floor, P.J. Towers, Dalal Street, Fort, Mumbai 400001
Corporate Office	B-Wing, Office No. 501-502, O2 Commercial Building, Asha Nagar Park Road, Mulund West, Mumbai 400080
SEBI Registration No.	INZ000157737
BSE Clearing No.	3174
NSE Membership No.	12804

Rikhav Securities has confirmed its valid registration as a market maker with BSE and stated that it has not been prohibited by SEBI from acting as an intermediary in capital market issues. The company has also confirmed it has not been debarred from functioning by any regulatory authority.

Regulatory Compliance

Davin Sons Retail has ensured full regulatory compliance throughout this transition process. The company has duly notified its merchant banker, Navigant Corporate Advisors Limited, regarding the market maker appointment and discontinuation. The merchant banker has confirmed no objection to the proposed changes.

The company's shares trade under BSE scrip code 544331 with the symbol DAVIN and ISIN INE0Q2L01013.

Impact on Trading Operations

The transition has been structured to ensure minimal disruption to trading activities. With Aftertrade Broking's services ending after market hours on December 16, 2025, and Rikhav Securities beginning operations at the start of market hours on December 17, 2025, there should be no gap in market-making services for the company's shares.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	-1.93%	-6.36%	+101.64%	-6.60%	-6.60%

Davin Sons Retail has successfully completed its preferential allotment of equity shares and warrants following regulatory approvals. The company's Board of Directors approved the allotment on December 15, 2025, after receiving in-principle approval from BSE Limited on December 1, 2025.

Allotment Details

The company has completed the allotment of securities totaling ₹625.00 crores through the following instruments:

Security Type	Number of Units	Issue Price	Total Amount
Equity Shares	13,50,000	₹25.00	₹337.50 crores
Warrants	11,50,000	₹25.00	₹287.50 crores
Total	25,00,000	₹25.00	₹625.00 crores

Equity Share Allottees

The 13.50 lakh equity shares were allotted to non-promoter category investors with full cash consideration received:

Allottee Name	Category	Shares Allotted
Vansha Wealth Management Private Limited	Non-Promoter	3,30,000
Gauray Jain HUF	Non-Promoter	3,00,000
RNR Wealth Management Private Limited	Non-Promoter	2,30,000
Swanand Suresh Phand	Non-Promoter	2,00,000
HBPA Tradex Private Limited	Non-Promoter	1,30,000
Deepak Gupta	Non-Promoter	1,00,000
Saurabh Agarwal	Non-Promoter	50,000
Karan Gulshan Sapra	Non-Promoter	10,000

Warrant Allocation

The company allotted 11.50 lakh warrants to promoter category with 25.00% subscription amount received:

Promoter Name	Warrants Allotted
Mohit Arora	6,50,000
Gaurav Jain	5,00,000
Total	11,50,000

The warrants are convertible into equal number of equity shares within 18 months from allotment date, with conversion deadline of June 14, 2027.

Share Capital Impact

Following the allotment, the company's paid-up equity share capital structure has been updated:

Parameter	Before Allotment	After Allotment	Post-Warrant Conversion
Paid-up Capital	₹5.26 crores	₹6.61 crores	₹7.76 crores
Number of Shares	52,62,792	66,12,792	77,62,792
Face Value per Share	₹10.00	₹10.00	₹10.00

Regulatory Compliance

The allotment was completed pursuant to special resolution passed by members in the Extraordinary General Meeting held on September 9, 2025, and in accordance with SEBI (ICDR) Regulations, 2018. The Board meeting commenced at 5:00 PM and concluded at 6:30 PM on December 15, 2025.

This strategic fund-raising initiative positions Davin Sons Retail for enhanced operational capabilities and potential expansion in the retail sector, with the company maintaining full regulatory compliance throughout the process.