The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Syamali Security & Consultants Pvt Ltd
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Syamali Security & Consultants Pvt Ltd (SSCPL), a non-promoter entity, has disclosed the acquisition of 20,00,000 convertible warrants in Afloat Enterprises Limited (formerly Adishakti Loha and Ispat Limited) on a preferential basis. This represents 25% of the total 80 lakh warrants allotted by the company. Prior to this, SSCPL held Nil shares or warrants in the target company. The warrants were allotted on May 8, 2025, and will rank pari-passu with existing equity shares upon conversion. The target company's equity share capital remains unchanged at 45,58,000 shares of Rs. 10 each, as these are warrants and not yet converted into equity.
This is a preferential allotment of convertible warrants to a non-promoter, non-PAC entity, which means dilution will only occur upon future conversion of warrants into equity shares. Shareholders should watch the warrant conversion terms and timeline, as conversion could increase SSCPL's effective equity stake and dilute existing shareholders.