Patel Engineering Limited confirmed the transmission of 1,49,900 equity shares (representing 0.02%) from the late Ms. Chandrika Patel to Mr. Ryan Patel, a fellow promoter group member, by way of nomination/succession. The transfer, which occurred on March 26, 2026, was exempt from an open offer requirement under specific succession rules. Following this change, Mr. Ryan Patel’s total holding increased to 2,39,900 shares (0.02%).
Disclosure of Promoter Group Share Transmission
This disclosure pertains to a change in shareholding within the promoter group of Patel Engineering Limited following the demise of Ms. Chandrika Patel on January 22, 2023. The transmission of her equity stake to her nominee, Mr. Ryan Patel, has been finalized.
Details of the Acquisition Transaction
The transaction involves the transmission of 1,49,900 equity shares held by the late Ms. Chandrika Patel to Mr. Ryan Patel, who is also a member of the promoter group. The acquisition date, effective upon release of pledge, was March 26, 2026.
This transfer is being effected in accordance with applicable succession laws and is specifically exempted from the requirement to make an open offer, relying on the exemption provided under Regulation 10(1)(g) of the Takeover Regulations.
Shareholding Pre and Post-Transaction
The final acquisition amounted to 1,49,900 shares, which constitutes 0.02% of the Total Share Capital (TC) of the Company.
The shareholding details as recorded are:
- Transferor/Seller (Late Ms. Chandrika Patel): Held 1,49,900 shares (0.02%) pre-transaction, resulting in a zero holding post-transaction.
- Acquirer/Transferee (Mr. Ryan Patel): His pre-transaction holding was 90,000 shares (0.01%). Following the transmission, his post-transaction holding totals 2,39,900 shares (0.02%) of the TC.
Regulatory Context
The acquirer confirmed that no disclosure under Regulation 10(5) regarding a proposed acquisition was required, and therefore, none was made within the specified timeline. The filing date to the stock exchanges (BSE Limited and NSE of India Limited) was March 30, 2026.
Source: BSE
