Sanjay Shah, the promoter of Prudent is gifting 175,000 equity shares of the firm amounting to approximately Rs 34 crore from his personal holdings to a group of approximately 650 individuals, Prudent Corporate Advisory Services said in a statement on Wednesday.
The beneficiaries of these shares include employees of the company and its wholly owned subsidiaries, as well as Shah’s personal staff, including his household help and drivers.
This gesture commemorates Mr. Shah’s completion of 25 years in business. The transfer is a gesture of appreciation and gratitude, with no obligations or retention conditions attached.
Additionally, Sanjay Shah also informed the company about this decision and the firm has taken necessary regulatory approvals for the same, including regulators like Sebi.
“This is not just a transfer of shares; it is my heartfelt thank you to those who have stood with me – not just as employees, but as companions on this journey. Your quiet contributions, loyalty, and belief in our shared vision have been invaluable, forming the foundation of our success. I am truly excited for the wonderful future we will create together,” said Shah while commenting on the initiative.
Prudent Corporate will remain committed to fostering an inclusive and appreciative corporate culture.
Katalyst Advisors was the advisor to the transaction and fetched relevant approvals from Sebi.
The firm will also make appropriate disclosures to the stock exchanges including disclosing the list of beneficiaries, in compliance with Sebi’s regulations, it said in a statement.
