Gallantt Ispat Limited has announced an inter-se transfer of shares within its promoter group. Dinesh R. Agarwal will transfer 80,00,000 equity shares, representing approximately 3.316% of the total share capital, to Santosh Kumar Agrawal. The transaction is an off-market/on-market transfer and is expected to occur on or after November 11, 2026. This transfer is part of streamlining shareholding within the promoter group and does not alter the overall promoter stake.
Promoter Group Share Transfer at Gallantt Ispat
Gallantt Ispat Limited has formally notified stock exchanges about a proposed inter-se transfer of shares among its promoter group. The transaction involves the transfer of 80,00,000 equity shares, constituting 3.316% of the company’s total share capital. This transfer is slated to occur between Dinesh R. Agarwal, acting as the transferor, and Santosh Kumar Agrawal, the acquirer, both integral members of the Promoter and Promoter Group.
Transaction Details and Rationale
The proposed acquisition is scheduled to take place on or after Wednesday, November 11, 2026. The transfer is being conducted via an off-market or on-market inter-se mechanism. The price at which the shares are proposed to be acquired is stated to be below Rs. 598.45/- per share. The rationale provided for this transaction is to facilitate an inter-se transfer arrangement between two Promoter and Promoter Group Shareholders, aimed at streamlining shareholding within the group.
Regulatory Compliance
This transaction is reported under Regulation 10(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. As an inter-se transfer of shares between members of the promoter group, it falls under the exemption provided by Regulation 10(1)(a)(ii) of the SEBI SAST Regulations, thereby exempting the acquirer from making an open offer. The disclosure confirms that the equity shares are frequently traded on stock exchanges, with the volume-weighted average market price for the 60 trading days preceding the notice being INR 598.45/-.
Shareholding Impact
It is explicitly stated that the overall and aggregate shareholding of the Promoter and Promoter Group remains unchanged before and after this aforementioned inter-se transfer. The necessary disclosures as per Regulation 10(5) of SEBI SAST Regulations have been received from the acquirer and are attached with this intimation.
Source: BSE
