Oricon Enterprises Promoter Group Slashes Stake in Major Off-Market Transaction
Oricon Enterprises Limited reported a significant reduction in promoter group shareholding through an off-market transaction. The promoter group's stake dropped from 11.93% to 2.96%. Key promoters including Namrata Somani, Surendra Somani, and Varun Somani reduced their holdings to zero, while Vandana Somani retained a 0.01% stake. Corporate entities within the group adjusted their holdings, with Oriental Enterprises Limited increasing its stake to 2.30%. The company's equity share capital increased from INR 3,141.49 lakhs to INR 3,414.49 lakhs. This disclosure was made in compliance with SEBI regulations.
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Oricon Enterprises Limited, a company listed on the National Stock Exchange and BSE, has reported a significant reduction in its promoter group shareholding through an off-market transaction. The move has resulted in the promoter group's collective stake dropping from 11.93% to 2.96%, marking a substantial change in the company's ownership structure.
Transaction Details
The off-market sale involved multiple members of the promoter group, including:
- Namrata Somani
- Surendra Somani
- Vandana Somani
- Varun Somani
Additionally, associated companies such as Varun Somani HUF, Parijat Shipping and Finale Limited, Oriental Enterprises Limited, and Sarvamangal Mercantile Company Limited were part of the transaction.
Shareholding Changes
The transaction resulted in significant changes to individual promoter holdings:
| Promoter | Previous Holding | New Holding |
|---|---|---|
| Namrata Somani | 1.69% | 0.00% |
| Surendra Somani | 1.08% | 0.00% |
| Vandana Somani | 3.44% | 0.01% |
| Varun Somani | 2.77% | 0.00% |
Notably, most individual promoters reduced their stakes to zero, with only Vandana Somani retaining a minimal 0.01% stake in the company.
Corporate Entities' Holdings
While individual promoters significantly reduced their stakes, some corporate entities within the promoter group maintained or adjusted their holdings:
- Varun Somani HUF: Decreased from 0.52% to 0.11%
- Parijat Shipping and Finale Limited: Maintained at 0.02%
- Oriental Enterprises Limited: Increased from 0.02% to 2.30%
- Sarvamangal Mercantile Company Limited: Decreased from 2.30% to 0.11%
Impact on Share Capital
Following the transaction, Oricon Enterprises Limited's equity share capital increased from INR 3,141.49 lakhs to INR 3,414.49 lakhs. This change in share capital structure coincides with the significant shift in promoter group shareholding.
Regulatory Compliance
The company has made this disclosure in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulation requires prompt disclosure of any substantial change in shareholding to ensure transparency in the stock market.
The off-market nature of this transaction suggests a strategic realignment within the promoter group, potentially signaling a shift in the company's ownership dynamics. Investors and market watchers will likely be keen to observe any subsequent changes in Oricon Enterprises' management or strategic direction following this significant shareholding adjustment.
Historical Stock Returns for Oricon Enterprises
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.30% | +1.55% | +9.16% | +23.38% | +66.34% | +179.75% |
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