Prakash Steelage Ltd promoter Prakash C. Kanugo has transferred 96.25 lakh equity shares, representing a 5.50% stake, to Dheliben Mafatlal Seth via an inter-se gift. This internal reorganization among promoters requires no open offer under SEBI rules and does not impact the total promoter shareholding.
Prakash Steelage Promoter Stake Transfer
Shares Transferred: 96,25,000 Equity Shares
Stake Transferred: 5.50% Equity Capital
Reader Takeaway: Internal promoter gift transaction; total promoter holding remains unchanged, signaling no shift in external control.
What just happened
Prakash Steelage Ltd has reported an inter-se transfer of shares between promoters. Mr. Prakash C. Kanugo transferred 96,25,000 equity shares to Dheliben Mafatlal Seth on September 08, 2026. This transfer, executed as a gift, accounts for 5.50% of the company's total equity capital.
Why this matters
This filing confirms an internal reshuffling of shareholding among existing promoters. Because the transaction falls under the category of an inter-se transfer between immediate relatives, it is exempt from the requirement of making an open offer under Regulation 10(1)(a)(i) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The aggregate promoter group shareholding remains unchanged as a result of this movement.
Shareholding Shift
Following the transfer, the shareholding of the involved parties has adjusted as follows:
- Dheliben Mafatlal Seth’s stake has increased from 0.29% (5,00,000 shares) to 5.79% (1,01,25,000 shares).
- Prakash C. Kanugo’s stake has decreased from 13.82% (2,41,75,040 shares) to 8.31% (1,45,50,040 shares).
Regulatory Compliance
Disclosures regarding this acquisition were duly filed with the exchange. The acquirer filed the proposed acquisition notice under Regulation 10(5) on September 02, 2026, and the post-acquisition disclosure under Regulation 10(6) on September 09, 2026, ensuring compliance with SEBI norms regarding substantial acquisition of shares.