The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Pine View Portfolio Consultants Pvt Ltd
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Pine View Portfolio Consultants Pvt Ltd, a non-promoter entity, has disclosed acquisition of 20,00,000 convertible warrants of Afloat Enterprises Ltd (formerly Adishakti Loha and Ispat Ltd) on a preferential basis. These warrants represent 25% of the total 80,00,000 warrants allotted by the company. The acquirer held no shares or warrants prior to this transaction. The warrants were allotted on May 8, 2025, and will rank pari-passu with existing equity shares upon conversion. The company's current equity share capital stands at 45,58,000 shares of Rs. 10 each. Upon full conversion of all 80 lakh warrants, Pine View would hold a significant stake in the company.
This signals a fresh capital-raising event with a new strategic investor coming in at the warrant level, which would meaningfully dilute existing shareholders upon conversion. The market may view this as a positive endorsement if the incoming investor is financially strong, but also flags significant future dilution risk.