Black Box Shareholding pattern FY(Q3-Dec 2024-2025)

Shareholder Name	Previous Quarter Quantity	Current Quarter Quantity	Previous Quarter Shares(in %)	Current Quarter Shares(in %)	Quarter to Quarter Difference
Promoters	11.94 Cr	11.94 Cr	71.06	70.6	-0.46 %
Public	4.86 Cr	4.97 Cr	25.4	24.9	-0.5 %
DII	45.91 K	43.89 K	0.03	0.03	0
FII	56.73 Lakh	73.39 Lakh	3.38	4.34	+0.96 %
Government	2.13 Lakh	2.13 Lakh	0.13	0.13	0

Promoters’ shareholding decreased from 71.06% in September 2024- to 70.6% in December 2024-. This reduction indicates that the promoters’ control over Company has weakened during this period.The percentage of shares held by the public decreased from 25.4% in September 2024- to 24.9% in December 2024-.This reduction indicates that the public’s stake in the company diminished during this period.DIIs (Domestic Institutional Investors) shareholding remained unchanged at 0.03% from September 2024- to December 2024-. This indicates that domestic institutions maintained their investment level in the company. FIIs (Foreign Institutional Investors): There was a significant increase from 3.38% in September 2024-2025 to 4.34% in December 2024-2025. This suggests that foreign institutions grew their investments 0.96 in the company during the quarter. During quater from September 2024- to December 2024, Goverenment ownership remained steady at 0.13%.This indicates that the government’s stake in the company remained consistent during this period.

Let’s look into the statistics of the investors, which could have contributed to the fluctuations in the shareholding pattern.

Below is a detailed table presenting the shareholding percentage of Promoters.

Shareholder Name	Previous Quarter Quantity	Current Quarter Quantity	Previous Quarter Shares (in %)	Current Quarter Shares (in %)	Quarter-to-Quarter Difference (%)
Essar Telecom	11.94 Cr	11.94 Cr	71.06	70.6	-0.46 %

Essar Telecom faced a downturn in stakeholding this quarter, witnessing a decline of -0.46 % in stakeholding compared to the previous quarter.

Below is a detailed table showcasing the public shareholding percentage.

Shareholder Name	Previous Quarter Quantity	Current Quarter Quantity	Previous Quarter Shares (in %)	Current Quarter Shares (in %)	Quarter-to-Quarter Difference (%)
Directors and their relatives (excluding independent directors and nominee directors)	25.25 Lakh	25.25 Lakh	1.5	1.49	-0.01 %
Sanjeev S Verma	0	21.35 Lakh	0	1.26	+1.26%
Resident Individuals holding nominal share capital up to Rs. 2 lakhs	1.45 Cr	1.52 Cr	8.64	8.97	+ 0.33 %
Resident Individuals holding nominal share capital in excess of Rs. 2 lakhs	1.15 Cr	1.17 Cr	6.83	6.91	+ 0.08 %
SUBODH MASKARA	46.44 Lakh	45.44 Lakh	2.76	2.69	-0.07 %
Non Resident Indians (NRIs)	8.13 Lakh	3.21 Lakh	0.48	0.19	-0.29 %
Bodies Corporate	53.40 Lakh	53.30 Lakh	3.18	3.15	-0.03 %
Any Other (specify)	73.04 Lakh	63.84 Lakh	4.35	3.77	-0.58 %
LLP	66.43 Lakh	52.81 Lakh	3.95	3.12	-0.83 %
CITOC INVESTMENT SERVICES LLP	44.14 Lakh	35.45 Lakh	2.63	2.1	-0.53 %
Clearing Members	32.88 K	140	0.02	0	-0.02 %
HUF	6.26 Lakh	11.02 Lakh	0.37	0.65	+ 0.28 %
Sanjeev Verma	21.35 Lakh	0	1.27	0	-1.27%

Observations show a significant difference of -0.01 % in Directors and their relatives (excluding independent directors and nominee directors)’s financial performance between quarters.Leading the way to higher stakeholding, Resident Individuals holding nominal share capital up to Rs. 2 lakhs has significantly boosted stakeholding by an impressive 0.33 %.Leading the way to higher stakeholding, Resident Individuals holding nominal share capital in excess of Rs. 2 lakhs has significantly boosted stakeholding by an impressive 0.08 %.Observations show a significant difference of -0.07 % in SUBODH MASKARA’s financial performance between quarters.Observations show a significant difference of -0.29 % in Non Resident Indians (NRIs)’s financial performance between quarters.Observations show a significant difference of -0.03 % in Bodies Corporate’s financial performance between quarters.Observations show a significant difference of -0.58 % in Any Other (specify)’s financial performance between quarters.Observations show a significant difference of -0.83 % in LLP’s financial performance between quarters.Observations show a significant difference of -0.53 % in CITOC INVESTMENT SERVICES LLP’s financial performance between quarters.Observations show a significant difference of -0.02 % in Clearing Members’s financial performance between quarters.Leading the way to higher stakeholding, HUF has significantly boosted stakeholding by an impressive 0.28 %.Sanjeev S Verma had no shares in the previous quarter but now holds 1.26% of shares in the current quarter.Sanjeev Verma had 1.27% of shares in the previous quarter but exited in the current quarter.

The table below displays the shareholding percentage of FIIs.

Shareholder Name	Previous Quarter Quantity	Current Quarter Quantity	Previous Quarter Shares (in %)	Current Quarter Shares (in %)	Quarter-to-Quarter Difference (%)
Foreign Portfolio Investors Category I	56.73 Lakh	65.21 Lakh	3.38	3.85	+ 0.47 %
INDIA OPPORTUNITIES GROWTH FUND – PINEWOOD STRATEGY	48.21 Lakh	47.61 Lakh	2.87	2.81	-0.06 %
Foreign Portfolio Investors Category II	610	8.18 Lakh	0	0.48	+ 0.48 %

During this past quarter, there was a noteworthy upswing in stakeholding for Foreign Portfolio Investors Category I, which experienced a significant increase of 0.47 % .Stakeholding dwindled by -0.06 % for INDIA OPPORTUNITIES GROWTH FUND – PINEWOOD STRATEGY in comparison to the preceding quarter.During this past quarter, there was a noteworthy upswing in stakeholding for Foreign Portfolio Investors Category II, which experienced a significant increase of 0.48 % .

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