The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for BGP 11 Analytics Pvt Ltd & PACs
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Garg Furnace Ltd informed BSE about a disclosure under SEBI SAST Regulation 29(2) by BGP 11 Analytics Private Limited along with Persons Acting in Concert (PACs) – Sangeeta Pareekh and Securocrop Securities India Private Limited. The acquirer group is NOT classified as a promoter of Garg Furnace. The disclosure relates to the acquisition of 6,00,000 equity shares (8.82% of the then-existing capital) through the conversion of warrants, allotted on a preferential basis on July 15, 2025. After the conversion, the combined holding of BGP 11 Analytics and PACs stands at 9,00,000 shares, representing 13.22% of the company's share capital. As a result, Garg Furnace's equity share capital increased from Rs. 5.01 crore (50.08 lakh shares) to Rs. 6.81 crore (68.08 lakh shares). The new shares will rank pari-passu with existing equity and are subject to SEBI ICDR lock-in provisions.
A non-promoter entity and its PACs have crossed the 10% shareholding threshold in Garg Furnace, which may attract attention given the size of the stake being built. The warrant conversion also results in equity dilution for existing shareholders, though the capital raised strengthens the company's balance sheet.