The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Keyur M Panchal
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Keyur M Panchal, along with PACs (Pulkitbhai M Panchal and Panchal Vishwash Pulkitbhai), acquired 12,15,870 equity shares (9.41%) of Ace Men Engg Works Ltd on 25 November 2025 through a preferential allotment on a share-swap basis (consideration other than cash). The acquirer explicitly stated he does not belong to the promoter/promoter group. Post-acquisition, the company's paid-up capital expanded from Rs 3.10 crore (30.98 lakh shares) to Rs 12.91 crore (1.29 crore shares), reflecting a substantial issuance of new equity. The disclosure is filed under SEBI Takeover Regulations, likely because the combined holding with PACs crossed a disclosure threshold.
This is a non-cash, share-swap based acquisition that significantly diluted existing shareholders (paid-up capital increased over 4x). While the 9.41% stake is just below the 10% open-offer trigger on a standalone basis, the combined PAC holding may have crossed higher regulatory thresholds, requiring closer watch on further acquisitions. Shareholders should note the equity dilution and the entry of a non-promoter significant shareholder via share swap.