Promoters of Trishakti Industries are doing two things at the same time: buying their own stock in the open market, and writing themselves a cheque through a preferential issue.
Market Cap : βΉ 275 Crores
THE BUSINESS
Trishakti Industries is a Kolkata based heavy equipment leasing company. Cranes, piling rigs, crawler and truck cranes hired out to railways, steel, power and oil and gas projects. The company has pivoted to a pure asset-leasing model and has been on an aggressive capex run, with recent work orders disclosed from Reliance Industries and Larsen and Toubro.
PART 1: THE OPEN MARKET ACCUMULATION
The promoter family has been buying steadily for over two years, and the prices they paid tell the story of the re rating.
Feb 2024: Shalini Jhanwar buys 20,000 shares at an average of 24.4, worth around 4.88 lakh
Oct 2024: Shalini Jhanwar buys 81,000 shares at 123, worth around 99.63 lakh
Nov 2024: Shalini Jhanwar buys 14,000 shares at 141, worth around 19.74 lakh
Feb 2025: Shalini Jhanwar buys 28,745 shares at 156, worth around 44.84 lakh
Feb 2025: Sagarmal Ramesh Kumar Pvt Ltd buys 42,661 shares at 131, worth around 55.89 lakh
Feb 2026: Dhruv Jhanwar buys 16,450 shares at 146, worth around 24.02 lakh
Feb 2026: Shalini Jhanwar buys 1,600 shares at 149, worth around 2.38 lakh
May 2026: Starlight Capital Pvt Ltd buys 21,000 shares at 151, worth around 31.71 lakh, plus a further tranche at an average of around 167 worth roughly 65 lakh
The read-through: this is not a one-time signalling trade at the bottom. The family kept buying as the price climbed from 24.4 to 167. Conviction that follows the price up is rarer than conviction at the lows.
PART 2: THE PREFERENTIAL ISSUE (Board Meeting 8 October 2025)
Issue price fixed at 158.10 per security (face value 2, premium 156.10). The company is issuing 1,46,000 equity shares and 16,18,000 convertible warrants, raising up to 27.89 crore in total.
Tranche A, fully promoter, 6,00,000 warrants for 9.49 crore:
Starlight Capital Pvt Ltd (Promoter): 2,00,000 warrants, 3.16 crore
Starmax Investment Pvt Ltd (Promoter): 1,00,000 warrants, 1.58 crore
Dhruv Jhanwar (Promoter): 1,50,000 warrants, 2.37 crore
Pranav Jhanwar (Promoter): 1,50,000 warrants, 2.37 crore
Tranche B, 1,46,000 equity shares and 10,18,000 warrants for 18.40 crore:
Sagarmal Ramesh Kumar Pvt Ltd (Promoter): 4,00,000 warrants, 6.32 crore
Gautam Badalia (Public): 1,80,000 warrants, 2.85 crore
Prerna Badalia (Public): 1,20,000 equity shares, 1.90 crore
Kred Hospitality LLP (Public): 2,00,000 warrants, 3.16 crore
Fortune Hands Growth Fund Scheme 1 (Public): 2,00,000 warrants, 3.16 crore
Sandeep Kumar Jain HUF (Public): 13,000 equity and 19,000 warrants, 50.59 lakh
Kaushik Kumar Sarawgi (Public): 13,000 equity and 19,000 warrants, 50.59 lakh
THE SPLIT
Of the 27.89 crore, the promoter group is putting in around 15.81 crore, roughly 57 percent. The remaining 12.08 crore comes from a named set of public investors, including a fund (Fortune Hands Growth Fund Scheme 1) and an LLP, which is a marquee anchor list rather than a scattered placement.
On full conversion, 17,64,000 new shares (16,18,000 from warrants plus 1,46,000 direct equity) get added to the share base.
When promoters buy in the open market AND fund a preferential issue AND keep paying higher prices each time, they are telling you where they think fair value sits. The market does not always agree immediately.
Investment in securities market are subject to market risks. This content is for educational and informational purposes only and is not investment advice.
LNPR Capital | SEBI Registered Research Analyst | INH000012953
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