Bhagyanagar India Ltd Reverses Share Transfer, Shares Remain with Promoter

Bhagyanagar India Ltd has issued a clarification regarding a disclosure on NSE/BSE portals. The company stated that the transfer of 12,73,335 equity shares by Mr. Devendra Surana to its wholly-owned subsidiary, Bhagyanagar Copper Private Limited, was an off-market transaction solely for hedging purposes. This transaction was recorded under Reason Code 90 ('Transfer between Director and Company') with no consideration exchanged. The company now informs that the purported sale of these shares, as reflected on the portals, has been reversed. As no consideration was paid or received, it was not a sale or purchase. The shares continue to be part of Mr. Devendra Surana's shareholding under 'Promoters' Holding'.