Greenply Industries has officially disclosed that the Income Tax Department conducted search and seizure operations at multiple company locations from February 26 to March 2, 2026. The company informed stock exchanges about the regulatory action through a formal intimation under SEBI Listing Regulations.

Search Operation Details

The Income Tax Department's search and seizure operations covered several locations including the company's registered office, manufacturing units, and the residence of promoters and executives. The operations also extended to the manufacturing unit of Greenply Sandila Private Limited, a wholly-owned subsidiary of the company.

Company Response and Cooperation

Greenply Industries stated that it extended full cooperation with the Income Tax authorities throughout the search process. The company responded to all clarifications and provided details sought by the tax officials during the proceedings.

Regulatory Compliance Details

The company filed the mandatory disclosure under Regulation 30 of SEBI Listing Regulations, providing specific details about the search operations:

Business Operations Continuity

Despite the search operations, Greenply Industries confirmed that its business operations continued without any disruption. The company assured stakeholders that it will continue making necessary disclosures in compliance with SEBI Listing Regulations as required.

The plywood and allied products manufacturer emphasized its commitment to regulatory compliance and transparency in its communication to BSE and NSE stock exchanges.

Greenply Industries has witnessed an increase in promoter group shareholding following an open market acquisition by Shakuntala Safeinvest Private Limited. The transaction, completed on February 23, 2026, involved the purchase of 21,700 equity shares, demonstrating continued confidence from the promoter group in the company's prospects.

Transaction Details

The acquisition was executed through open market purchase, with Shakuntala Safeinvest Private Limited (formerly known as Showan Investment Private Limited) being the primary acquirer. The transaction details are outlined below:

Shareholding Changes

The acquisition resulted in marginal but meaningful changes to the shareholding structure:

Promoter Group Composition

The promoter group comprises multiple entities and individuals acting in concert, including:

• Key Individuals: Rajesh Mittal, Sanidhya Mittal, Shobhan Mittal, Shiv Prakash Mittal, Chitwan Mittal, and other family members
• Corporate Entities: Karuna Investment Private Limited, Prime Holdings Private Ltd., Niranjan Infrastructure Private Ltd., RS Homcon Limited, and others
• Trusts and HUFs: Mittal Business Holdings Trust, Rajesh Mittal & Sons HUF, RKS Family Foundation
• Partnership Firms: Trade Combines (represented by Rajesh Mittal)
• International Entity: Kengwood Holding and Equipments FZCO, incorporated in Dubai

Share Capital Structure

Greenply Industries maintains a stable equity structure with 12,48,87,795 equity shares of face value Re.1/- each. The company's shares are listed on both the National Stock Exchange of India Limited and BSE Limited. Notably, 44,035 equity shares have been transferred to the Investor Education and Protection Fund, though their voting rights remain frozen until claimed by rightful owners.

Regulatory Compliance

The disclosure was made in compliance with Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction involved no encumbrances, warrants, or convertible securities, maintaining transparency in the shareholding structure. All voting rights continue to be held through equity shares only, with no alternative voting arrangements in place.