The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Nimesh S Joshi & PACs
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Awaiting price reaction for this filing.
Nimesh S Joshi along with PACs Dhruvil Nimesh Joshi and Rashmi Nimesh Joshi (all classified as non-promoters) have filed a disclosure under SEBI's Takeover Regulations. Dhruvil Nimesh Joshi converted 8,50,000 warrants into equity shares, representing 2.42% of voting capital and 1.73% on a diluted basis. Post-conversion, the acquirer group's total holding stands at 97,00,125 shares, equating to 27.58% of voting capital (19.75% fully diluted). The company's equity share capital increased from Rs. 34.11 crore (3.41 crore shares) to Rs. 35.17 crore (3.51 crore shares), reflecting this allotment. The conversion raises Dhruvil's direct voting stake from nil to 2.42%, increasing the group's effective voting power.
Since this is a warrant conversion rather than an open-market purchase, there is no fresh cash outflow and limited immediate price impact. However, the acquirer group's voting stake is now around 27.58%, creeping closer to the 30% mark which would invite further disclosures and potentially a mandatory open offer under takeover norms.