The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Bupinder Singh Chadha & Others
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Promoter Bupinder Singh Chadha converted 29,30,000 warrants into equity shares on August 7, 2025 through a preferential allotment, equal to 7.24% of the company's pre-conversion share capital. The conversion raised Azad India Mobility's equity share capital from Rs.40.49 crore (4.05 crore shares) to Rs.49.30 crore (4.93 crore shares). After the conversion, the promoter group — Bupinder and Charnjit Singh Chadha — together holds 38,02,077 equity shares plus 40,70,000 remaining warrants, totalling 84,53,462 instruments (17.15% of expanded equity capital). On a fully diluted basis, the promoter holding stays at 15.52%, unchanged from before.
This is a pre-committed warrant-to-equity conversion, not a fresh market purchase, so the promoter's economic interest is unchanged on a diluted basis. Share price impact should be neutral, though expanded share capital will mildly reduce the promoter's percentage holding of total equity (from 2.15% to about 8.9% of pure equity, with the rest still in warrants).