South West Pinnacle Promoter Group to transfer 46 lakh equity shares to two other promoters

This is to ensure the preservation of the shareholding and control of the company within the family.

May 26, 2021 04:05 IST India Infoline News Service

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South West Pinnacle Exploration Limited intimated the exchanges Tuesday regarding the proposed inter-se transfer of shares between the promoters of the company by virtue of total partition and dissolution deed dated May 24, 2021, and dissolution of Gajraj Jain HUF belonging to the promoter group.

Consequent upon the total partition and dissolution deed dated May 24, 2021 inter-alia, the member of Promoter Group with a view to ensure preservation of the shareholding and control of the company within the family, the promoter group namely Gajraj Jain HUF the entire 46 lakh equity shares held by it shall be transfer to Vikas Jain (27,60,000 Equity Shares) and Piyush Jain (18,40,000 Equity Shares) respectively as coparcener of the said HUF.

“This being an “inter-se “transfer of shares amongst Promoters (Vikas Jain & Piyush Jain being Transferee/acquirers) and Promoter Group i.e. Gajraj Jain (HUF)(transferor) and therefore exempted in terms of SEBI Regulations, 2011." 

Also, it is to be noted that such an agreement will not result in any change in the management and control of the company,” company said.

The company stock on Wednesday ended at Rs37.15 per piece up Rs0.10 or 0.27% on the NSE.

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