The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Rashmi Nimesh Joshi
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Rashmi Nimesh Joshi, along with Persons Acting in Concert (PAC) — Nimesh S Joshi, Dhruvil Nimesh Joshi, and Manashavee Nimesh Joshi — disclosed the acquisition of 10,75,000 equity shares (2.18% of total share capital) of Azad India Mobility Ltd on August 25, 2025. The shares were acquired through conversion of warrants into equity shares via preferential allotment, not via open market purchase. After the conversion, Rashmi Nimesh Joshi's individual holding rose from 8.77% to 9.92% of the company, while the combined PAC holding stands at 97,51,125 shares (17.91% of the share capital). The acquirers are explicitly stated to NOT belong to the promoter/promoter group. The company's equity share capital increased from ₹49.29 crore to ₹54.44 crore as a result of the allotment.
This is a warrant-to-equity conversion by non-promoter PACs, so the immediate stock price impact is likely limited. However, existing shareholders face minor dilution of around 2.18% as the share base expands, and the disclosure itself signals continued financial involvement of the PAC group in the company.