Prudent Corporate Advisory Services, Chairman and Managing Director, Sanjay Shah will be gifting 1.75 lakh equity shares worth ₹34 crore from his personal holdings to a group of about 650 individuals.
The beneficiaries include employees of the company and his personal staff such as household help and drivers.
This gesture commemorates Shah’s completion of 25 years in business. The move is seen as an act of appreciation and gratitude with no obligations or retention conditions attached.
Shah informed about his decision to the company, which has taken necessary regulatory approvals, including from SEBI.
Expressing gratitude
Shah said this is not just transfer of shares, but an act to express heartfelt thank you to those who have stood with the company.
“Your quiet contributions, loyalty and belief in our shared vision have been invaluable, forming the foundation of our success. I am truly excited for the wonderful future we will create together,” he said.
Katalyst Advisors acted as the advisor to the transaction and getting relevant approvals from SEBI.
The company will make appropriate disclosures to the stock exchanges including disclosing the list of beneficiaries, in compliance with the SEBI approval prior to execution.
