I did some digging and sharing my findings below:
Ambaa Sec Pvt Ltd holds 4.94% of stake since Dec 2006. No changes since 2006. No data available before Dec 2006.
Ritesh Stock Broking holds 4.96% stake since March 2010 and still holding 4.75%
Shiv Shankar Securities holds 3.62% since June 2008 and still holds 1.92%.
At least on paper they look like “long-term” investors. Will be interesting to see shareholding pattern in FY19 AR because of recent fall.
Based on findings so far there is good chance that promoters have linkages with these brokerage firms. Promoter holding is already at 74.83%. Does it mean promoters are holding higher stake in the business through these Brokerage holdings in public category as they cannot have more than 75% holding as promoters? If that is the case, its good that promoters have more skin in the game. However, have to ensure that management’s integrity is unquestionable which requires more digging.