Shivalik Bimetal Controls Ltd. announces Leadership Transition and Strategic Shareholding Changes

Shivalik Bimetal Controls Ltd. (SBCL), a global leader in advanced material joining technologies and precision engineering of shunt resistors, bimetal/trimetal strips, and electrical contacts, announces that Chairman, Mr. S.S. Sandhu, will be stepping down as Chairman of the Board by January 2025, marking a significant milestone in the company's succession planning. Mr. Sandhu, after leading the company for nearly four decades, will gradually exit his ownership in favour of the remaining promoters and institutional investors, ensuring stability and continuity in leadership at SBCL.

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

These management responsibilities to the 'nextgen' leaders of SBCL have ensued post the consolidation of shareholding within the promoter group. On August 14, 2024, Mr. S.S. Sandhu and Mrs. Sarita Sandhu transferred a combined 2.62% of their shareholding in SBCL to Mr. Sumer Ghumman as a gift. Additionally, on August 23, 2024, TSL Holdings Pvt Ltd divested its entire 5.87% stake in SBCL through an off-market transaction. This consolidation saw 4.15% sold to Mr. Sumer Ghumman and the remaining 1.72% to O D Finance and Investment Pvt Ltd, 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.

Reflecting on this transition, Mr. S. S. Sandhu said: "After dedicating close to four decades towards building this business from the ground up, I take great pride in all that we've accomplished. As I prepare to step down in January 2025 and hand over the reins to the next generation of the promoter group, I am excited about the future prospects and look forward to seeing the company reach new heights. I am confident that the business is in safe and capable hands, and I believe that the next decade belongs to Shivalik".

Mr. N.S. Ghumman, Managing Director, added: "Our partnership over the last four decades has been instrumental in shaping the company's success. I am honoured to further consolidate our shareholding through this additional stake purchase. Our belief in the Company's potential remains steadfast, and we are delighted to strengthen our board and management team with the involvement of the 'nextgen' promoters who will continue to lead the business into the future with vision and dedication".

In his leadership roles, Kabir Ghumman expressed his vision for the future: "My focus will be on fortifying the technical core of our business and expanding our product offerings through differentiated value and margin-additive verticals. By leveraging our significant technical moat, I aim to strengthen our relationships with existing customers and attract new relationships across geographies. I am honoured to be proposed as an Executive Director and look forward to contributing to the Company's continued success".

Similarly, Sumer Ghumman shared his excitement for the road ahead: "I am excited about the opportunities ahead and am committed to delivering sustainable value for our stakeholders. My focus will be to strategically expand our product offerings, scale up operations at the global level, and gain a larger share of our customers' wallet. My goal is to drive growth that benefits our shareholders while maintaining our strong return ratios with the highest corporate governance standards".

Shares of SHIVALIK BIMETAL CONTROLS LTD. was last trading in BSE at Rs. 620.10 as compared to the previous close of Rs. 595.40. The total number of shares traded during the day was 25677 in over 1408 trades.

The stock hit an intraday high of Rs. 639.90 and intraday low of 596.75. The net turnover during the day was Rs. 15817380.00.

Source : Equity Bulls

Keywords

SHIVALIKBIMETALCONTROLS INE386D01027 LeadershipTransition ShareholdingChanges