Gallantt Ispat Limited has announced an acquisition of 80,00,000 equity shares, representing 3.316% of the total share capital. The transaction is an inter-se transfer between promoters, with Santosh Kumar Agrawal acquiring shares from Dinesh R. Agarwal. This move aims to streamline shareholding within the promoter group. The acquisition price is stated to be below INR 598.45 per share.
Promoter Share Transfer Announced
Gallantt Ispat Limited has disclosed a significant inter-se transfer of shares among its promoter group. Santosh Kumar Agrawal, acting as the acquirer, is set to acquire 80,00,000 equity shares of the company from Mr. Dinesh R. Agarwal, the transferor. These shares, each with a face value of INR 10 and fully paid-up, represent approximately 3.316% of Gallantt Ispat Limited’s total issued and paid-up share capital.
Transaction Rationale and Details
The primary rationale behind this proposed acquisition is to facilitate an inter-se transfer of shares between two promoter and promoter group shareholders. This transaction is intended to streamline the shareholding structure within the promoter group. The acquisition is scheduled to take place on or after November 11, 2026. The price at which the shares are proposed to be acquired is reported to be below INR 598.45 per share.
Regulatory Compliance
This disclosure is made in accordance with Regulation 10(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company confirms that the acquisition price will not be higher than 25% of the volume-weighted average market price (VWAP) for the 60 trading days preceding the notice date, which was recorded at INR 598.45 on the NSE. Both the transferor and transferee have declared compliance with applicable disclosure requirements under Chapter V of the Takeover Regulations.
Shareholding Pattern Impact
The announcement also includes details on the proposed shareholding. Following the transaction, the acquirer, Santosh Kumar Agrawal, will hold 80,00,000 shares, contributing 3.316% to the total share capital of Gallantt Ispat Limited. The disclosed annexure provides a detailed breakdown of the shareholding of the acquirer and PACs (Persons Acting in Concert) before and after the proposed transaction, indicating no change in the promoter group’s overall control but a redistribution of holdings within the group.
Source: BSE
