The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Rashmi Nimesh Joshi & PACs
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Rashmi Nimesh Joshi along with Persons Acting in Concert (Dhruvil Nimesh Joshi, Nimesh S Joshi, and Manashavee Nimesh Joshi) have disclosed an acquisition of 58,75,000 equity shares (14.51% of total share capital, 10.79% on a diluted basis) in Azad India Mobility Ltd on August 7, 2025. The shares were acquired via conversion of warrants into equity shares under a preferential allotment. Rashmi Nimesh Joshi received 43,25,000 shares (10.68%) and Dhruvil Nimesh Joshi received 15,50,000 shares (3.83%). The acquirer group does not belong to the promoter/promoter group of the company. After the acquisition, the combined holding of the acquirer and PACs stands at 97,51,125 shares (19.77% of voting capital, 17.91% diluted). The company's total equity share capital increased from Rs. 40.49 crore to Rs. 49.30 crore following the warrant conversion.
This is a non-promoter group steadily building a sizeable stake through warrant conversions, now holding close to 20% of the voting capital. Their holding is approaching the 25% open offer trigger threshold under takeover regulations, which could mean further accumulation or mandatory open offer obligations if they cross the threshold. Existing shareholders should monitor whether this group is consolidating influence or positioning for a larger acquisition.