Nova Iron & Steel Ltd promoter Reward Capital sells 11.88% stake (4.29 mn shares) off‑market
Reward Capital Service Pvt Ltd disposed its entire holding of 4,291,675 equity shares, amounting to 11.88% of Nova Iron & Steel Ltd, through an off‑market inter‑company transfer on 30 June 2026.
What Nova Iron & Steel announced
On 2 July 2026, Nova Iron & Steel Ltd (BSE: 513566) filed a disclosure under Regulation 29(2) of the SEBI Substantial Acquisition of Shares & Takeovers (SAST) Regulations, 2011. The filing informs the exchange that Reward Capital Service Private Limited, a promoter of the company, has disposed of its entire shareholding in Nova Iron & Steel.
"Reward Capital Service Private Limited disposed of 4,291,675 shares on 30/06/2026."
The filing does not contain any narrative beyond the statutory tables, but the numbers clearly show a complete exit of the promoter’s voting stake.
Details of the share disposal
- Seller / Person Acting in Concert (PAC): Reward Capital Service Private Limited (CIN U67100CH1996PTC032838).
- Shares sold: 4,291,675 equity shares carrying voting rights.
- Percentage of total share capital: 11.88% of the pre‑sale equity share capital of 36,139,488 shares.
- Mode of acquisition/sale: Off‑market inter‑company transfer, classified under Regulation 10(1)(a)(iv) of the SAST Regulations.
- Date of transaction: 30 June 2026 (the date of sale).
- Post‑sale holding: Nil – Reward Capital no longer holds any voting shares, encumbered shares, voting rights other than shares, or convertible instruments in Nova Iron & Steel.
- Equity share capital of the target: Remained unchanged at 36,139,488 shares before and after the transaction.
The filing also confirms that the total diluted share/voting capital of the company was not affected, as no convertible securities or warrants were involved in the deal.
Key facts at a glance
| Detail | Value |
|---|---|
| Target company | Nova Iron & Steel Ltd |
| BSE Scrip Code | 513566 |
| Seller (PAC) | Reward Capital Service Private Limited |
| Shares sold | 4,291,675 (≈4.29 million) |
| % of total share capital | 11.88% |
| Mode of sale | Off‑market inter‑company transfer (Regulation 10(1)(a)(iv)) |
| Transaction date | 30 June 2026 |
| Filing date | 2 July 2026 |
| Post‑sale holding by seller | Nil |
| Total equity share capital of Nova Iron & Steel | 36,139,488 shares |
Why this matters for investors
The disposal represents a full exit of a promoter’s voting stake. From a corporate‑governance perspective, the removal of a promoter from the share register can affect the balance of power on the board and may signal a shift in strategic direction. However, the filing does not disclose the consideration received for the shares, nor does it indicate any change in the company’s capital structure, as the total number of issued shares remains the same. Investors should note that the transaction was off‑market, meaning it was negotiated privately rather than through the open market, and therefore did not impact the daily trading price of Nova Iron & Steel shares.
Conclusion
Reward Capital Service Private Limited has sold its entire 11.88% holding in Nova Iron & Steel Ltd via an off‑market inter‑company transfer on 30 June 2026, leaving the promoter with no voting shares. The company’s equity share capital remains unchanged, and no further disclosures regarding the use of proceeds or future shareholding patterns have been made. The filing satisfies SEBI’s disclosure requirements, and no additional regulatory approvals are pending for this specific transaction.
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