Founder Promoter Achal Anil Bakeri of Symphony Limited is gifting approximately 3,43,000 equity shares, representing 0.5% of the company’s capital, valued at approximately INR 20 crore. This initiative, spread over four years, is a gesture of appreciation for employees, ex-employees, and their families. The transfer is a gift with no monetary consideration, aimed at recognizing their contributions to the company’s journey and fostering a sense of shared ownership.
Symphony Founder Gifts Significant Shareholding to Employees
Mr. Achal Anil Bakeri, the Founder Promoter, Chairman, and Managing Director of Symphony Limited, has announced a unique initiative to express appreciation for those associated with the company. He will be gifting a total of approximately 3,43,000 equity shares, which represents 0.5% of Symphony’s equity share capital. The value of these shares is estimated at approximately INR 20 crore at current market prices, gifted from his personal holdings.
Distribution Over Four Years
This substantial share distribution will be spread over four years and is intended for the “Next of Kin” of a select group of individuals. The transfer of shares will be made as gifts to either the spouse, parents, or immediate relatives of employees. This inclusive approach also covers ex-employees and housekeeping help of Symphony Limited, as well as their family offices. In exceptional circumstances, shares may be gifted directly to employees. This strategy acknowledges the broader support network that contributes to the workforce’s success.
Regulatory Approvals Secured
Mr. Achal Bakeri has formally communicated his decision to Symphony Limited, and the company has successfully secured all necessary regulatory approvals, including from the Securities and Exchange Board of India (SEBI). These approvals are essential to facilitate the gifting of shares in compliance with all legal requirements.
Commenting on this initiative, Mr. Achal Bakeri emphasized that “the gesture is a personal expression of gratitude, affection, and appreciation towards the families of employees, ex-employees, family office employees, and housekeeping help. He acknowledged the silent but vital role these families play in supporting Symphony’s workforce and noted that their encouragement, understanding, and sacrifices are often what empower employees to contribute successfully to the Company’s journey.”
Sustained Appreciation and No Monetary Consideration
The share gifting is intentionally spread over four years to ensure the gesture remains sustained and thoughtful, symbolizing continued appreciation for those contributing to the organization. Importantly, the transfer is made entirely as a gift, with no monetary consideration involved.
Landmark Initiative and Advisor Role
This initiative by Mr. Achal Bakeri is highlighted as a landmark and unique act, setting a precedent for meaningful recognition within the corporate sector. By sharing personal wealth, promoters are encouraged to value the contributions of those who help build and sustain organizations. Katalyst Advisors has acted as the advisor for this transaction, assisting in obtaining the relevant regulatory approvals from SEBI.
In compliance with SEBI approvals, Symphony Limited will make appropriate disclosures to the stock exchanges, including the list of beneficiaries, prior to executing the share transfers.
Source: BSE
