This seems to be some case of transfer of shares from some promoter entities listed as public to the main promoters. I am not sure about this.
The numbers don’t completely add up.
However, what can be pondered is that why would the promoter take up all this stake on him? Who is funding this purchases? No shares pledged.
IMO, this seems to have a positive spin given the balance sheet and credit rating is indeed strong. Waiting for them to scale up and grow and have meaningful exports (As being commented consistently over the last couple of quarters w.r.t entry in Australia and European markets)
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