The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Sangeeta Pareekh & PACs
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Sangeeta Pareekh along with Persons Acting in Concert (BGP 11 Analytics Pvt Ltd and Securocrop Securities India Pvt Ltd) acquired 6,00,000 equity shares of Garg Furnace Ltd through conversion of warrants via preferential allotment on July 15, 2025. The acquirer has explicitly stated they do not belong to the promoter or promoter group. Post-acquisition, their combined voting stake stands at 13.22% (9,00,000 shares) of the company. Garg Furnace's total equity share capital increased from Rs. 5.01 crore (50.08 lakh shares) to Rs. 6.81 crore (68.08 lakh shares) as 18 lakh new shares were allotted upon warrant conversion.
This is a non-promoter preferential warrant conversion, so there is no change in promoter control. Share dilution of around 36% has occurred for existing shareholders due to the new equity issuance, and the non-promoter acquirer's voting stake has risen to over 13%, which retail investors should track for any future block deal or takeover activity.