Given that my investment is in the money, just doing some more research whether to hold on or not.
So it looks like this gifting shares is not new to them. I checked since 2017 and Krishna Devi (PC Chand’s wife) has previously in early and mid 2017 gifted shares. (33L + 14L = 47L) on two occasions. There maybe more but not searched intensively. And one of them was before the bonus (so adjusted nearly 61L shares now).
Interestingly on Aug 29 report, someone called Shivani Gupta (looks like PC Chand Daughter-in-law) came on the SHP with 1.38% holding (52L shares). She has since dropped off the list meaning she has sold the shares below 1%. Maybe the recent transfer is also to her.