Vega Jewellers Limited (formerly known as PH Trading Limited) has announced a significant change in its approach to promoter reclassification. The company has withdrawn its previous application for reclassifying promoter Mallinath Madineni from the promoter to public category, opting instead for a more comprehensive strategy.

New Consolidated Application

According to the company's latest communication to the BSE, Vega Jewellers plans to file a new consolidated application that will encompass multiple promoters under the open offer route. This new application will include:

1. Mallinath Madineni
2. Santan Investments Advisory LLP

Inclusion of Previously Rejected Request

The company has decided to incorporate a previously rejected reclassification request into this new consolidated application. This earlier request sought to reclassify the following entities from promoter to public category:

1. Avishek Himatsingka
2. Variable Plaza Private Limited

This earlier application was made under the Open Offer route but was rejected by the BSE.

Details of the Withdrawn Application

The withdrawn application, which focused solely on Mallinath Madineni's reclassification, had the following details:

Company's Statement

In its official communication, Vega Jewellers stated, "We will be filing a fresh application, including both the names of promoters, Mr. Mallinath Madineni and Santan Investments Advisory LLP, in a single application under the same Open offer route dated 19.01.2024."

The company further added that it would be "including in the new application the earlier reclassification request filed on 11.12.2023 (Case No. 190212) for the reclassification of Mr. Avishek Himatsingka and Variable Plaza Private Limited from Promoter to Public category under the Open Offer route dated 13.04.2023, which was previously rejected by the BSE."

This strategic move by Vega Jewellers to consolidate multiple reclassification requests into a single application demonstrates the company's efforts to streamline its promoter structure and potentially simplify its regulatory compliance processes.

Vega Jewellers Limited, listed on the BSE with scrip code 512026, continues to navigate the complexities of promoter reclassification as it evolves its corporate structure. Shareholders and potential investors should keep an eye on further developments regarding this consolidated reclassification application.

Vega Jewellers Limited , formerly known as PH Trading Limited, has made a significant move in expanding its business operations. The company has officially entered into a partnership agreement, becoming a Designated Partner in Vega Jewellers J Hills LLP, a Limited Liability Partnership.

Investment Details

Vega Jewellers Limited has invested Rs 5,09,90,000 (Five Crore Nine Lakh Ninety Thousand) to acquire a 50.99% ownership stake in Vega Jewellers J Hills LLP. This strategic move aligns with the company's growth plans and was executed through a formal partnership agreement.

Official Announcement

In an official communication to the BSE Limited on August 1, 2025, Vega Jewellers Limited's Company Secretary and Compliance Officer, B. Kiran Kumar, confirmed the transaction. The intimation was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Background of the Deal

This partnership is not a sudden development but rather a culmination of earlier communications. The company had previously informed stakeholders about this potential move through letters dated January 3, 2025, and April 1, 2025. The finalization of this deal represents the successful execution of the company's stated intentions.

Implications for Vega Jewellers Limited

While the specific operational details of Vega Jewellers J Hills LLP are not disclosed, this substantial investment suggests that Vega Jewellers Limited is actively pursuing growth opportunities. The partnership structure of an LLP could potentially offer flexibility in operations and tax benefits, which might have influenced the company's decision to invest in this manner.

Looking Ahead

As Vega Jewellers Limited takes on this new role as a Designated Partner, stakeholders will be keen to observe how this partnership contributes to the company's overall business strategy and financial performance in the coming quarters. The substantial ownership stake of 50.99% indicates that Vega Jewellers Limited will likely play a significant role in the operations and decision-making processes of Vega Jewellers J Hills LLP.

Investors and market analysts will be watching closely to see how this strategic move unfolds and impacts Vega Jewellers Limited's market position in the jewelry sector.