The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Sundeep Anand Jegath Rakshagan
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Promoter Sundeep Anand Jegath Rakshagan acquired 3,49,840 equity shares of Coromandel Engineering Company on 12 May 2025 through a preferential allotment. Although the promoter's absolute shareholding rose from 84,08,420 to 87,58,260 shares, the promoter group's voting percentage in the company actually edged down from 25.30% to 25.11%. This dilution happened because the company simultaneously expanded its total equity capital from about 3.32 crore shares to 3.49 crore shares (Rs 33.23 crore to Rs 34.88 crore), issuing roughly 16.5 lakh new shares overall. The promoter's allotment was part of this broader fresh share issuance. The filing was made under Regulation 29(2) of the SEBI Takeover Regulations.
Promoter continues to participate in the company's capital expansion by subscribing to the preferential issue, which is generally seen as a positive signal of promoter confidence. Minor dilution in promoter voting percentage is a result of broader share issuance, not any promoter selling. No material impact on share price expected from this disclosure.