The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Panafic Industrial Ltd
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Panafic Industrials Ltd has disclosed the acquisition of 7,62,392 equity shares (19.78%) of Bazel International Ltd under Regulation 29(1) of SEBI SAST Regulations. The shares were acquired on 20th February 2026 through preferential allotment pursuant to conversion of a loan into equity. Panafic Industrials was not holding any shares in Bazel prior to this acquisition, so its post-acquisition holding stands at 19.78% of the paid-up capital. Bazel's total equity share capital increased from 27,86,033 shares to 38,55,222 shares (Rs 10 each) after also factoring in a separate allotment to Chaser Financial Services Pvt Ltd. Panafic has confirmed it does not belong to the promoter or promoter group of Bazel.
This brings a new significant non-promoter shareholder holding nearly 20% into Bazel. Since the holding remains below the 25% SAST trigger threshold, no mandatory open offer is required. For retail shareholders, the loan-to-equity conversion has strengthened Bazel's balance sheet by replacing debt with equity, but also dilutes existing shareholders by about 38%.