Sita Enterprises Limited has announced a significant change in its promoter shareholding structure, marking a new chapter in the company's ownership.

Key Highlights of the Promoter Change

• New Promoter Acquisition: Mr. Jitendra Rasiklal Sanghvi has emerged as the new promoter, acquiring a substantial 71.76% stake in the company.
• Share Transfer Details: The acquisition involved two key transactions:
  1. Purchase of 21,00,000 shares from previous promoters through a share purchase agreement.
  2. Acquisition of an additional 52,933 shares through an open offer.
• Previous Promoters' Status: The earlier promoters now retain 1,50,000 equity shares, representing 5% of the total issued capital, which will be reclassified as public shareholding.

Detailed Breakdown of Shareholding Changes

Impact and Next Steps

The company has informed the BSE about this significant change in promoter shareholding. Sita Enterprises Limited will be filing its shareholding pattern for the September quarter, reflecting these revised holdings.

This change in promoter structure could potentially influence the company's strategic direction and governance. Investors and market watchers may be keen to observe any shifts in business strategy or management approach following this substantial ownership change.

Upcoming Board Meeting

In a related development, Sita Enterprises has scheduled a board meeting for November 7 to consider and approve the un-audited standalone financial results for the quarter and six months ended September 30. This meeting will provide further insights into the company's financial performance under the new ownership structure.

As the company transitions under new promotership, stakeholders will be watching closely for any changes in business strategy or performance in the coming quarters.

Sita Enterprises Limited , a company listed on the BSE, has witnessed a significant change in its ownership structure following a large off-market transaction. The promoter group, led by Ashok Kumar Tulsyan, has sold a substantial portion of their holdings, reducing their stake from 75% to 5% of the company's total equity.

Transaction Details

The off-market sale involved the transfer of 21,00,000 shares of Sita Enterprises Limited. This transaction was executed in accordance with a Share Purchase Agreement (SPA) dated December 24, 2021, highlighting a pre-planned divestment strategy by the promoter group.

Key Sellers

The major sellers in this transaction included:

• Ashok Kumar Tulsyan
• Ashok Tulsyan HUF
• Saras Commerce LLP
• Bombay Mercantile & Leasing Company Limited

Shareholding Changes

The following table illustrates the changes in shareholding for key members of the promoter group:

Impact on Ownership Structure

This transaction has led to a dramatic shift in the company's ownership structure:

• The promoter group's total shareholding decreased from 75% to 5% of the company's equity.
• Ashok Kumar Tulsyan's personal holding reduced from 5.25% to 1.93%.
• Ashok Tulsyan HUF, Saras Commerce LLP, and Bombay Mercantile & Leasing Company Limited completely exited their positions.

Company Capital

Despite this significant change in ownership, Sita Enterprises Limited's equity share capital remains unchanged at Rs. 3 crore, consisting of 30 lakh equity shares with a face value of Rs. 10 each.

The company has duly informed the BSE Limited about this transaction, complying with the disclosure requirements under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

This major stake reduction by the promoter group could potentially lead to changes in the company's management and strategic direction. Investors and market watchers will likely be keen to observe any subsequent developments in Sita Enterprises Limited's operations and performance following this significant ownership shift.