Shivalik Bimetal Controls update on leadership transition and shareholding changes

Shivalik Bimetal Controls announced that S.S. Sandhu will be stepping down as Chairman of the Board by January 2025.

At the 40th Annual General Meeting of the Company, held today in Solan, Himachal Pradesh, the Chairman, S. S. Sandhu, introduced the next generation of leadership, with key members including Kabir Ghumman, Sumer Ghumman, Rajeev Ranjan, and Kanav Anand.

These management responsibilities to the 'nextgen' leaders of SBCL have ensued post the consolidation of shareholding within the promoter group. On 14 August 2024, S.S. Sandhu and Sarita Sandhu transferred a combined 2.62% of their shareholding in SBCL to Sumer Ghumman as a gift. Additionally, on 23 August 2024, TSL Holdings divested its entire 5.87% stake in SBCL through an off-market transaction. This consolidation saw 4.15% sold to Sumer Ghumman and the remaining 1.72% to O D Finance and Investment, both part of the existing promoter group. Going forward, the existing promoter family intends to continuously increase its holding in the company incrementally, reflecting their conviction in the company's strategic growth journey and long-term potential.