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The entire 59.44 per cent promoters’ stake in city-based Suven Life Sciences Limited will be transferred to the newly-created Jasti Property and Equity Holdings Private Limited on March 11, the company said in a filing to the BSE on Wednesday.
In December last year, Venkat Jasti, chairman and CEO of Suven Life, along with his wife and daughters had transferred their shares in the company to his father Subba Rao Jasti, while retaining a token of just 1,000 shares each.
They transferred the shares to Subba Rao, who was also a part of the promoters' group, as a first step towards creating a sole trustee of the promoters holding independent individual family members.
As part of the latest move, 75.65 million shares of face value of Re 1 each will be acquired by the new entity in which Subba Rao exercises 51 per cent voting rights. The new entity will act as a sole trustee of the Jasti Family Trust, it said.
Prior to the transfer, Venkat held 18.07 per cent of the promoters holding followed by his wife Sudharani Jasti with 16.50 per cent, while their three children held 8.29 per cent of share holding each.
The company has recently raised Rs 200 crore through qualified institutional placement (QIP) by allotting a little over 10 million shares at a premium of Rs 190.32 per share.
