The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Rashmi Joshi & PACs
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Rashmi Nimesh Joshi along with Persons Acting in Concert (Dhruvil Nimesh Joshi, Nimesh S Joshi, Manashavee Nimesh Joshi) acquired 58,75,000 equity shares (14.51% of capital) of Azad India Mobility Ltd on August 7, 2025, through conversion of warrants into equity shares. Rashmi Joshi received 43,25,000 shares (10.68%) and Dhruvil Joshi received 15,50,000 shares (3.83%). Post-acquisition, the group's total equity holding stands at 19.77% of the share capital and 17.91% on a diluted basis, with Rashmi Joshi still holding 10,75,000 warrants. The filing explicitly clarifies that the acquirers do NOT belong to the promoter/promoter group. As a result of the conversion, the company's equity share capital increased from Rs. 40.49 crore (4.05 crore shares) to Rs. 49.30 crore (4.93 crore shares).
This is a pre-planned warrant conversion rather than a fresh market purchase, so no new cash is being deployed. Since the acquirers are non-promoters, promoter shareholding is unaffected, but the expanded equity base will dilute all existing shareholders marginally. Shareholders should note that the acquirer group's voting stake has risen materially (from ~6.92% to 19.77% on equity), though still below the 25% open-offer trigger threshold.