fact is that the family running the company (Jayendrabhai patel and his son aalok patel) have not sold any shares. another faction (manakiwala family) which has historically been classfied under promoter category (but have long since ceased being involved in the business) has been selling their stake because they are no longer involved in running the company’s business. The son, who is based in usa, who inherited shares after his father’s death (senior Mr. Manakiwala) has been selling. The company could have declassifed them as promoters, but for some reason, didnt go through the process.
otherwise any reduction in promoter shares % is because of dilution due to fresh funds raising.
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