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 Limited has acquired 7,62,392 equity shares of Bazel International Limited, representing 19.78% of the total share capital. The acquisition was done through a preferential allotment pursuant to the conversion of a loan into equity, with the allotment date being 20th February 2026. Panafic previously held 0% in Bazel and is not part of the promoter/promoter group. As a result of this allotment (and a parallel allotment to Chaser Financial Services), Bazel's total paid-up share capital increased from 27,86,033 shares to 38,55,222 shares of face value Rs 10 each.
A non-promoter entity has built a sizeable 19.78% stake approaching the 25% open-offer trigger threshold under SEBI takeover rules, which could raise concerns about a potential change in control. Shareholders should watch for further disclosures and any mandatory open-offer obligations, as the acquirer's holding is now close to the regulatory threshold.