Twamev promoter Ravi Todi said he'd sell 30 lakh shares for MPS. He sold none.
Despite announcing a stake sale between June 22-30, promoter Ravi Todi’s holding remained unchanged, leaving the SEBI-mandated public float target in limbo.
— 3 earlier stories on Twamev Construction And Infrastructure Ltd. →What's new
- Promoter Ravi Todi sold no shares during the announced June 22-30 window.
- Holding unchanged at 31.79%, despite earlier plan to offload 1.94% for MPS.
- Nil sale casts doubt on the company's compliance timeline post-insolvency.
Why this matters
A promoter backing out of a voluntary MPS plan is a governance red flag for a nano-cap just emerging from insolvency. It suggests either unwillingness to dilute or inability to find buyers — both negative for minority shareholders. The SEBI deadline still looms, and now the roadmap is uncertain.
What we're watching
- Whether the promoter revises the plan or alternative dilution measures emerge.
- Any SEBI response if MPS compliance slips past the deadline.
- Impact on stock liquidity given already low public float and governance concerns.
The full read
Two weeks ago, Twamev promoter Ravi Todi announced a plan to sell 30 lakh shares (1.94% of equity) to help meet SEBI’s Minimum Public Shareholding norms. The sale window was June 22-30. On July 1, Todi disclosed he sold zero shares. His holding stayed at 4.93 crore shares (31.79%). For a company that only recently emerged from corporate insolvency, reported a ₹9.1 cr profit its auditor wouldn't vouch for, and carries a ₹986 cr arbitration claim against NHAI, this nil sale is another wobble. It raises the question: can’t Todi sell, or won’t he? Either way, the compliance roadmap is now uncertain, and minority shareholders bear the risk. The stock, with a market cap of ₹264 cr and trailing revenue down 54.7%, can ill afford further governance doubts.
Questions answered
- Why did the promoter announce a sale but not execute it?
- The filing does not give a reason. It simply states that no shares were sold during the window, despite the prior announcement.
- Does the company currently meet SEBI's Minimum Public Shareholding norms?
- The announcement to sell shares was explicitly to help meet MPS norms, implying the company is not yet compliant. With the sale not happening, the timeline for compliance is now uncertain.
- What are the consequences of failing to meet MPS norms?
- SEBI can impose penalties, restrict trading, or freeze promoter voting rights. For a company that recently exited insolvency, non-compliance could attract heightened regulatory scrutiny.
- How does this nil sale relate to prior governance issues?
- Twamev's previous filings showed auditor reluctance to certify recent profits and a massive arbitration claim against NHAI. This adds to the pattern of uncertainty around the company's financial and compliance discipline.
Twamev Construction And Infrastructure Ltd.
Latest quarter · Mar 2026
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All notes on TICL →- 1 Jul 2026 · 12:49 PM IST Twamev promoter Ravi Todi said he'd sell 30 lakh shares for MPS. He sold none.
- 17d ago Twamev promoter to offload 1.94% stake to meet SEBI MPS rule
- 38d ago Twamev posts ₹9.1 cr profit but its auditor won't stand behind the numbers
- 45d ago Twamev Construction wins ₹19 cr order from SAIL