The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Bupinder Singh Chadha & Charnjit Singh Chadha
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Promoters Bupinder Singh Chadha and Charnjit Singh Chadha converted their existing warrants into equity shares of Azad India Mobility Ltd on 25 August 2025 via preferential allotment. Bupinder Singh Chadha received 12,70,000 shares (2.58% of expanded capital) and Charnjit Singh Chadha received 28,00,000 shares (5.68%), totaling 40,70,000 shares or 8.25% of the expanded equity base. Post-conversion, Bupinder holds 9.32% (50,72,077 shares) and Charnjit holds 6.21% (33,81,385 shares), bringing their combined promoter holding to 15.53% (84,53,462 shares). The company's equity share capital increased from Rs. 49.30 crore (4.93 crore shares) to Rs. 54.44 crore (5.44 crore shares) as a result of this allotment.
This is a warrant-to-equity conversion by existing promoters rather than a fresh market purchase, so it does not involve new cash outflow or dilution from public shareholders beyond the already-approved preferential issue. Promoter confidence in the company is reinforced as they are converting instruments into full equity, though the effective promoter percentage on the expanded capital base slightly declined.