The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Altitude Investment Fund PCC Cell 1
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Altitude Investment Fund PCC – Cell 1, a Mauritius-based fund, acquired 25,50,000 equity shares of Azad India Mobility Ltd through a preferential allotment on 20 May 2025. The fund's holding went from nil to 6.30% of the total share capital (4.68% on a fully diluted basis). The acquisition is the fund's first entry into the company, and the acquirer is not part of the promoter group. Following this allotment, the company's equity capital rose from Rs. 35.17 crore (3.51 crore shares) to Rs. 40.49 crore (4.05 crore shares) of Rs. 10 each. The disclosure was filed under SEBI's takeover regulations because the acquirer crossed the 5% disclosure threshold.
Fresh foreign institutional money entering the company is a positive signal of investor confidence, but the preferential allotment has diluted existing shareholders' stake by roughly 15% (from 3.52 crore to 4.05 crore shares). The new holder will be closely watched for further buying that could trigger more disclosures.