The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for NCL SG Holdings Pte Ltd
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NCL SG Holdings Pte Ltd, a Singapore-based entity that is NOT part of the promoter group, converted 7,71,23,128 warrants into equity shares of Embassy Developments Limited on 15 May 2025. This was done under a securities subscription agreement originally signed in April 2024. After the conversion, NCL SG Holdings holds 11,07,52,399 equity shares in the company, representing 8.387% of the expanded equity share capital (up from 2.751% previously). The company's total equity share count increased from about 122.25 crore to 132.06 crore shares as a result of this allotment. On a fully diluted basis, NCL's holding remains at 7.701% since the warrant position simply converted to shares.
This is a pre-agreed warrant conversion, not fresh market buying, so it reflects a prior commitment rather than new confidence. Existing shareholders face mild dilution as the share count expanded, but no cash was raised from the market for this specific tranche.