The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Dhrumil Ketanbhai Nayak
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Dhrumil Ketanbhai Nayak (along with PACs Karishma Dhrumil Nayak and Maitri Nitinbhai Nayak) acquired 12,61,640 equity shares of Ace Men Engg Works Ltd on November 25, 2025, through a preferential allotment via a share swap (consideration other than cash). The acquirer's holding jumped from a negligible 25 shares to 12,61,665 shares, representing 9.77% of the expanded share capital. The company's paid-up capital increased from Rs 3.09 crore (30,98,500 shares) to Rs 12.91 crore (1,29,14,500 shares), a more than 4x expansion triggered by the share swap. The acquirer has confirmed they do not belong to the promoter or promoter group.
A non-promoter acquiring nearly 10% via a share swap signals a significant strategic transaction; shareholders should note the major equity dilution (paid-up capital over 4x) and watch whether the acquirer approaches or crosses the 10% open-offer trigger threshold under SAST regulations.