Sainik Finance & Industries Limited has announced a proposed inter-se transfer of 13,16,066 equity shares, representing 12.10% of the total share capital. This transaction involves members of the promoter and promoter group, occurring via an off-market route at ₹40.62 per share. The transfer aims to reallocate holdings within the promoter group without altering the overall control of the company, with aggregate promoter holdings remaining consistent.
Promoter Group Share Transfer Announced
Sainik Finance & Industries Limited has filed a prior intimation regarding a proposed inter-se transfer of shares among its promoter and promoter group members. The transaction involves a total of 13,16,066 equity shares, which accounts for 12.10% of the company’s total share capital. This move is being executed under Regulation 10(1)(a)(ii) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as it constitutes a transfer within the existing promoter bloc.
Transaction Details and Rationale
The proposed transfer will occur as an off-market transaction, with the shares changing hands at a price of ₹40.62 per share. The rationale provided highlights that this is purely an internal reallocation of shares among promoters and does not result in any change of control for Sainik Finance & Industries Limited. Crucially, the aggregate shareholding of the promoter and promoter group will remain unchanged both before and after the completion of this transaction.
Shareholding Adjustments
As per the disclosure, the acquisition price of ₹40.62 per share is determined to be not higher than 25% of the price computed based on independent valuation. The independent registered valuer has determined the price to be ₹37.76 per share. The accompanying shareholding details illustrate shifts within the promoter group’s stake, with certain individuals increasing their holdings while others’ decrease, reflecting the inter-se nature of the transfer. For instance, Vir Sen Sindhu’s shareholding is set to increase from 32.45% to 44.55%.
Source: BSE
