Quick Summary: SMC Global Securities Limited has acquired a 14.51% stake in Oval Projects Engineering Limited through a mix of pre-listing allotments and open-market purchases as part of its market-making obligations in the company’s IPO. Oval Projects, headquartered in Tripura, operates in EPC and O&M services for the oil and gas sector, reporting a turnover of ₹1,022.89 crore in FY25
Full Article: SMC Global Securities Limited has acquired a 14.51% stake in Oval Projects Engineering Limited as part of its role as a designated market maker in the company’s initial public offering (IPO).
According to an exchange filing, SMC Global purchased a total of 30,12,800 equity shares of Oval Projects Engineering, comprising both pre-listing allotments and open-market acquisitions. The transaction does not fall under related party dealings.
Of the total, 3,04,000 shares were allotted to SMC prior to listing in its capacity as market maker, while an additional 27,08,800 shares were acquired on September 4, 2025, through open market purchases at an average price of ₹85.25 per share. Meanwhile, Moneywise Financial Services, a wholly owned subsidiary of SMC, had earlier received 6,56,000 shares but subsequently sold its entire holding on the same day.
Oval Projects Engineering, headquartered in Agartala, Tripura, operates in the infrastructure services sector, focusing on engineering, procurement, and construction (EPC), as well as operations and maintenance (O&M) services, particularly in the oil and gas industry. Incorporated in 2013, the company transitioned to a public limited entity in 2024.
For the financial year 2024-25, Oval Projects reported a turnover of ₹1,022.89 crore, compared to ₹779.65 crore in 2023-24 and ₹590.21 crore in 2022-23.
SMC Global stated that the acquisition is in line with its responsibilities as a market maker, as outlined in Oval Projects’ prospectus dated September 2, 2025.