Asgard Alcobev Promoters Sell 8.5 Crore Shares in Off

Asgard Alcobev Limited , formerly known as Banganga Paper Industries Limited, has received regulatory disclosures under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, confirming the sale of 8.5 crore equity shares by its promoter group. The disclosure, dated March 17, 2026, details the complete divestment of shares by Chetan Karbhari Dhatrak and his associated persons acting in concert.

Transaction Details

The off-market sale was executed across two tranches, with comprehensive regulatory documentation submitted to BSE Limited:

Parameter: Details Total Shares Sold: 8.5 crore equity shares Sale Dates: March 12, 2026 and March 13, 2026 Transaction Mode: Off-market sale Filing Date: March 17, 2026 Face Value: Re. 1 per share

Shareholding Changes Post-Transaction

The regulatory filing reveals significant changes in the promoter group's shareholding structure:

Shareholding Status: Before Sale After Sale Equity Shares: 8.5 crore (27.28%) Nil (0%) Total Share Capital %: 27.28% 0% Diluted Capital %: 25.48% 0%

Seller Group Structure

The disclosure identifies the complete seller group and persons acting in concert who participated in the divestment:

Primary Sellers:

Mr. Chetan Karbhari Dhatrak (Promoter)

Mr. Karbhari Pandurang Dhatrak

Mrs. Jayashree Karbhari Dhatrak

The sellers belonged to the promoter/promoter group category before the transaction and have completely exited their shareholding in the company through this off-market sale.

Regulatory Compliance

The transaction was conducted in accordance with SEBI regulations for substantial share disposals. The company's equity share capital remained unchanged at 31.15 crore shares of face value Re. 1 each. The total diluted share capital post-transaction stands at 33.35 crore equity shares, accounting for outstanding convertible securities and warrants.

Company Information

Asgard Alcobev Limited is listed on BSE Limited with scrip code 512025. The company is headquartered at Sr. No. 186, Gavalwadi Road, Ashewadi, Ramshej, Nashik, Maharashtra 422003. This significant shareholding change marks a complete exit by the existing promoter group from their equity position in the company.

Asgard Alcobev Limited has formally announced the resignation of its Chief Financial Officer, Santosh Baburao Ugale, effective March 14, 2026. The company communicated this development to BSE Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Executive Departure Details

The resignation was officially documented through multiple communications, including a formal intimation to the stock exchange and Ugale's personal resignation letter to the Board of Directors. In his resignation letter, Ugale cited personal reasons for his departure and expressed gratitude for the trust and support extended during his tenure.

Parameter: Details Name: Santosh Baburao Ugale Position: Chief Financial Officer Resignation Date: March 14, 2026 Appointment Date: October 22, 2024 Reason: Personal reasons PAN: ABNP1350R

Professional Background and Contributions

According to the company's regulatory filing, Ugale played a significant role in leading the company's financial strategy and ensuring compliance with regulatory standards. His contributions reportedly strengthened financial controls and operational efficiency, driving overall growth and stability during his tenure. The filing confirms that Ugale is not related to any Director of the Company and is not debarred from holding office by any SEBI order or other regulatory authority.

Transition Arrangements

In his resignation letter, Ugale committed to ensuring a smooth transition by assisting in the handover of responsibilities and supporting the finance team until his departure. The company has stated that all necessary intimations related to this leadership change will be submitted to regulatory authorities in due course.

Company Information

Asgard Alcobev Limited, formerly known as Banganga Paper Industries Limited, operates under CIN L11010MH1984PLC033082. The company maintains its corporate office at Ferndale Complex, CMJ House, Block III, Keating Road, Shillong, Meghalaya, while its registered office is located in Nashik, Maharashtra. The resignation was processed and communicated by Company Secretary Jitendra Rajendra Patil.

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