The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Davinder Garg & PACs
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Davinder Garg along with Persons Acting in Concert (PACs) — including Vaneera Garg, Toshak Garg, Daksh Garg, Davinder Garg & Sons, Subhash Chandra Gupta, and Amanpreet Singh Thukral — have converted 12,00,000 warrants into equity shares of Garg Furnace Limited on July 15, 2025. The allotment was made at Rs. 195 per share (including a premium of Rs. 185). Each of Vaneera Garg, Davinder Garg received 2,00,000 shares, while Toshak Garg and Daksh Garg received 4,00,000 shares each. After this conversion, the total promoter group holding stands at 38,74,901 shares, representing 56.91% of the total share/voting capital of the company. The equity capital of the company has expanded as a result of this preferential allotment through warrant conversion.
This is a promoter-led capital infusion via warrant conversion rather than an open-market purchase, so it strengthens promoter control without bringing in fresh cash at this stage. Shareholders may see mild dilution on a per-share basis, but promoter confidence in the company's value is signalled by their willingness to convert warrants at Rs. 195 per share. The stock price may react based on whether the conversion price is seen as supportive or below market.