BusinessWire India
Ahmedabad (Gujarat) [India], March 13: In a heartfelt gesture of appreciation and adopting unique way of rewarding, Sanjay Shah, Chairman and Managing Director of Prudent Corporate Advisory Services Limited (Prudent), has decided to gift 175,000 equity shares, amounting to approximately INR 34 Cr (at today's price), from his personal holdings to a group of approximately 650 individuals. The beneficiaries include employees of the company and its wholly owned subsidiaries, as well as Shah's personal staff, such as household help and drivers.
This gesture commemorates Shah's completion of 25 years in business. The transfer is a gesture of appreciation and gratitude, with no obligations or retention conditions attached.
Sanjay Shah informed about this decision to the Company and the Company (i.e. Prudent) has taken necessary regulatory approvals, including from the Securities and Exchange Board of India (SEBI).
Speaking on the initiative, Sanjay Shah said, "This is not just a transfer of shares; it is my heartfelt thank you to those who have stood with me - not just as employees, but as companions on this journey. Your quiet contributions, loyalty, and belief in our shared vision have been invaluable, forming the foundation of our success. I am truly excited for the wonderful future we will create together."
The company remains committed to fostering an inclusive and appreciative corporate culture.
Katalyst Advisors acted as the advisor to the transaction and seeking relevant approvals from SEBI.
The Company will make appropriate disclosures to the stock exchanges including disclosing the list of beneficiaries, in compliance with the SEBI approval prior to execution.
Shah's gesture is truly a landmark, and should set a precedent for meaningful recognition of contribution, including by sharing wealth by promoters with their employees and staff.
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