Disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 is attached herewith
Awaiting price reaction for this filing.
Alka India Limited has disclosed that Mr. Jatinbhai Patel, along with persons acting in concert (Ms. Rinkalben Patel and Ms. Vandanaben Patel), has acquired 47,50,000 equity shares (95%) of the company under a Resolution Plan approved by the NCLT Mumbai Bench on 7th February 2025 under the Insolvency & Bankruptcy Code, 2016. Before this acquisition, the acquirer and PACs held zero shares; after the acquisition, they hold 95% of the total equity (Mr. Patel: 5%, PACs: 90%). The company's total share capital now stands at 50,00,000 equity shares of Re. 1 each (Rs. 50 lakh). The acquirer belongs to the promoter/promoter group category. The allotment was approved at a Board meeting on 12th April 2025, with the disclosure filed on 16th April 2025.
This marks a change in control of Alka India Limited, with the new promoter group now holding 95% of the company following its exit from the insolvency resolution process. Existing minority shareholders now hold just 5% of the company and should expect very low liquidity and significant control by the new promoters going forward.