The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Pragya Mercantile Pvt Ltd & PACs
ASHIKA · price
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Awaiting price reaction for this filing.
Pragya Mercantile Pvt Ltd, along with eight Persons Acting in Concert (PACs), disclosed an acquisition of 21,00,000 equity shares of Ashika Credit Capital Ltd through conversion of warrants into equity shares via preferential allotment. The shares carry a face value of Rs. 10 each at a price of Rs. 306 per share (including Rs. 296 premium), implying a transaction value of roughly Rs. 64.26 crore. Combined holding of the acquirer and PACs rose from 14,00,000 shares (5.56%) before the deal to 35,00,000 shares (10.57% of total capital, 8.74% diluted) after the deal. The PACs are largely Dugar family members and family-controlled entities (HUFs, Maryada Barter, Glaxo Finance), pointing to promoter-family consolidation despite Pragya Mercantile being formally classified as non-promoter. The acquisition/allotment was completed on 28 March 2025, with this disclosure filed on 1 September 2025.
For shareholders, this reflects the promoter family's growing economic interest in the company through a PAC structure, crossing the key 10% combined threshold which will now trigger further disclosure obligations. The warrant-conversion route signals pre-committed insider capital being deployed rather than fresh open-market buying, which is mildly positive for confidence but not a surprise price catalyst.