Gandhi special tubes promoters formalize stake, control agreement

Gandhi Special Tubes Limited announced that its promoter shareholders entered into an inter-se promoter agreement on November 22, 2025. This agreement records their understanding regarding inter-se rights, obligations, and relationship concerning their shareholding, transfer of shares, voting arrangements, and the continuity of their promoter status. The company itself is not a party to this agreement.

The agreement specifies that no promoter can pledge shares without prior written approval from promoters holding 75% of the total promoter shareholding. Transfers of shares to specified blood relatives are permitted without consent if the transferee becomes a promoter under the agreement. Any other sale or transfer requires prior consent from promoters holding 75% of the shareholding, with transfers exceeding 5% of paid-up capital requiring tranches and prior offering to working promoters, then other promoters, before third parties.

A promoter cannot reclassify as "public" without the unanimous written consent of all promoters. The agreement covers 17 promoter shareholders, including Mr. Manhar Gandhi (12.46%), Late Mr. Bhupatrai Gandhi (13.24%), Mrs. Bharti M Gandhi (5.38%), Mr. Jayesh M Gandhi (8.65%), and Gandhi Finance Co. LLP (3.31%), among others. The agreement is not expected to materially impact the company's management or control.