The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Toshak Garg & PACs
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Toshak Garg along with persons acting in concert (PACs) has disclosed an acquisition of 12,00,000 equity shares in Garg Furnace Ltd through conversion of warrants into equity shares. The shares were allotted on July 15, 2025 at Rs. 195 per share (Rs. 10 face value + Rs. 185 premium). The shares were distributed among four promoter-group members: Vaneera Garg (2,00,000), Davinder Garg (2,00,000), Toshak Garg (4,00,000) and Daksh Garg (4,00,000). The company's total equity share capital increased from Rs. 5.01 crore (50,08,700 shares) to Rs. 6.81 crore (68,08,700 shares). The promoter group's aggregate voting capital holding stood at 56.91% on a diluted basis both before and after the conversion, as the warrants being converted were already held by them.
This is a non-dilutive event for existing public shareholders — the promoter group's percentage stake remains unchanged at 56.91%, but the company's capital base expands by about 36%. The Rs. 2.34 crore infusion strengthens the company's capital without bringing in new shareholders. The stock price may see limited reaction since the dilution was already anticipated at the time of warrant issuance.