In a significant move within the Indian capital markets, Jindal Worldwide Limited, a company forming part of the promoter group of Kashyap Tele-Medicines Limited, has offloaded a substantial 31.25% stake in the company. The transaction was carried out via an off-market deal on May 20, 2025, and was disclosed to the Bombay Stock Exchange (BSE) in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended.

The disclosure was submitted by Mr. Yamunadutt Amilal Agrawal, Chairman and Director of Jindal Worldwide Limited, who reported that a total of 1,49,15,000 equity shares, representing 31.25% of the total paid-up share capital of Kashyap Tele-Medicines Limited, were sold in this transaction.

The transaction marks a significant shift in the shareholding pattern of Kashyap Tele-Medicines, a company that has seen fluctuating promoter interest over recent years. This disposal was duly reported to both the BSE and the target company as per SEBI's regulatory requirements.

Key Transaction Details:

• Seller: Jindal Worldwide Limited (Promoter Group of Kashyap Tele-Medicines Ltd)

• Reporting Individual: Yamunadutt Amilal Agrawal (Chairman and Director)

• Security Code: 531960 (INDAL)

• Stock Exchange: BSE Limited

• Company Sold In: Kashyap Tele-Medicines Limited

• No. of Shares Sold: 1,49,15,000 Equity Shares

• Percentage of Paid-Up Capital: 31.25%

• Transaction Type: Off-market

• Transaction Value (Approx.): ₹4,77,22,000

• Date of Transaction: May 20, 2025

• Post-Transaction Shareholding: NIL

According to the disclosure, Jindal Worldwide Limited now holds no equity shares in Kashyap Tele-Medicines Limited post this transaction. This sale indicates a complete exit from its shareholding, raising speculations about the promoter group’s future engagement or interest in the company’s affairs.

Regulatory Context:

As mandated by SEBI Regulation 29(2), any entity or promoter group acquiring or disposing of 5% or more of the shares or voting rights in a listed company is required to disclose such transaction to the respective stock exchange(s) and the target company. Jindal Worldwide’s disclosure meets these requirements and provides complete transaction details, including shareholding before and after the sale, transaction mode, and percentage changes.

Background of Entities:

Jindal Worldwide Limited, based in Ahmedabad, Gujarat, is a diversified conglomerate with interests across textiles and other sectors. It has previously been associated as a promoter group entity for Kashyap Tele-Medicines Limited.

Kashyap Tele-Medicines Limited, with its registered office in Mumbai, is known for operating in the healthcare technology space, offering telemedicine services. The company is listed on BSE and has seen active shareholding movements in the past few years.

Strategic Implications:

This stake sale by a promoter group could indicate multiple potential developments:

• A strategic exit from Kashyap Tele-Medicines Limited

• A possibility of new investors or acquirers stepping into the shareholding

• Operational or strategic restructuring in the works within Kashyap Tele-Medicines

• Regulatory or market-driven decision to reduce exposure

No further comments or clarifications were provided by either company regarding the reason behind the transaction.

Corporate Disclosure Standards:

The transaction disclosure includes a properly filled format as per SEBI norms. Details such as:

• Name of target company

• Name of acquirer/seller and persons acting in concert

• Pre-transaction and post-transaction shareholding

• Type of transaction (off-market)

• Date of transaction

• Equity capital before and after

have all been clearly mentioned in the format provided.

Such transparency enhances investor trust and supports the functioning of fair, orderly, and efficient markets.

Financial Snapshot of the Transaction:

• Price Realised (Approximate): ₹4,77,22,000

• Value per Share (Derived): Approximately ₹3.20

• Nature: Non-market-based negotiated deal

This off-market route is commonly used for bulk or strategic sales, allowing parties to bypass market price volatility and directly transfer ownership.

Market Reactions and Stakeholder Interest:

As of now, no public statement has been issued by Kashyap Tele-Medicines Limited regarding how the company views this exit or what changes, if any, are expected in governance, board composition, or operational strategies.

Market participants, however, may interpret this as either an opportunity for new strategic investors or a red flag, depending on the context of the exit. Institutional and retail investors will be watching upcoming filings and announcements closely.

It is also expected that any change in promoter or control, if it follows, would be separately reported under SEBI's Takeover Code regulations.

Conclusion:

In conclusion, Jindal Worldwide Limited’s disposal of its 31.25% stake in Kashyap Tele-Medicines Limited represents a significant transaction in the Indian equity markets. The complete exit of a promoter group entity raises important questions about the future strategic direction of Kashyap Tele-Medicines, which may become clearer in the days to come.

With the required disclosures made under SEBI Regulation 29(2), the process reflects compliance and transparency. Market watchers and investors will now await further clarity on the company’s shareholder structure and any indication of new promoters or strategic investors entering the fold.

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