The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Keyur M Panchal
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.1 pts more than Nifty Microcap 250 and 0.5 pts more than its Retailing peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
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.