The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Murugan Enterprise Pvt Ltd
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Murugan Enterprise Private Limited, a promoter group entity of Bannari Amman Spinning Mills, acquired 35,62,020 equity shares (5.78%) through the company's Rights Issue on May 29, 2025. Despite this purchase, the promoter group's overall shareholding in the company actually declined from 54.27% to 48.49% post the issue. The total share capital of the company expanded from 6.48 crore shares (Rs 32.42 crore) to 7.99 crore shares (Rs 39.96 crore), indicating that other shareholders participated in the rights issue at a higher proportional rate than the promoter. As a result, the promoter group has now slipped below the 50% majority holding threshold for the first time.
The promoter group has lost its majority stake (now below 50%), which could affect the control dynamics of the company going forward. However, the promoter group's continued subscription to the rights issue shows commitment to the company despite this dilution.