The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Jugal Kishore Bhagat
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Non-promoter Jugal Kishore Bhagat acquired 15,00,000 equity shares (6.01%) of Fone4 Communications (India) Ltd through a preferential allotment dated 22 April 2025. Prior to this, the acquirer held NIL shares, meaning this is a fresh entry that crossed the 5% SEBI SAST disclosure threshold. The company expanded its share capital from 1,75,00,000 shares to 2,49,50,000 shares of Rs. 10 each to facilitate the allotment. The disclosure under Regulation 29(1) was filed on 7 May 2025, confirming the acquirer is not part of the promoter group.
Existing shareholders face dilution as the company issued fresh equity, but the company also raised fresh capital. A non-promoter taking a 6%+ strategic stake signals confidence in the business, though the small size of Fone4 Communications means this is a low-liquidity, micro-cap event.