The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Fazil Chemmankuzhiyal
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Fazil Chemmankuzhiyil, a non-promoter shareholder, sold 70,92,291 shares (45% of total share capital) of Abate As Industries Limited in an off-market transaction on March 23, 2026. The total deal value was Rs. 1,57,60,64,560. Prior to the sale, the seller held 2,30,34,956 shares representing 14.62% of voting rights. After the transaction, their holding reduced to 10.12%. The transaction appears to be a significant transfer of a large block of shares by an existing substantial shareholder.
A non-promoter selling a large block of shares (45% of total capital) at 10.12% post-deal holding level could indicate reduced confidence or portfolio rebalancing. The off-market nature suggests a negotiated private transaction. The substantial reduction in this shareholder's stake may create selling pressure or signal underlying concerns.