Reg 10(5) of SEBI (SAST) Regulation 2011 for acquisition of 590468 equity shares
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Apurva Investments Company Limited, a promoter of Amalgamated Electricity Company Limited, is set to acquire 5,90,468 equity shares (21.27% of share capital) from four other promoter group members — Mr. Milan Dalal, Tropical Securities, Harbinger Trading and Pursarth Trading — on or after 14 May 2025. The transfer is being done under Regulation 10(1)(a)(ii) of SEBI's Takeover Code, which exempts inter-se transfers among qualifying persons from triggering an open offer. As a result, Apurva Investments' stake will jump from 2.25% (62,502 shares) to 23.52% (6,52,970 shares). The total promoter group holding remains unchanged at 23.64% before and after the transaction, as it is merely a reshuffling within the promoter family.
This is an internal promoter group reshuffle with no change in overall promoter control and no open offer obligation. Retail shareholders should see no material impact on the stock price or company ownership structure.