The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for JA Spaces LLP & Others
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JA Spaces LLP and its Persons Acting in Concert (PACs) have made a substantial acquisition in Gujarat Natural Resources Ltd, taking their combined holding from 2.54% to 11.91% of the company's equity. The bulk of the acquisition — 1,50,00,000 equity shares (9.78%) — came from the allotment of shares to JA Spaces LLP on 1 November 2025 pursuant to conversion of warrants. Additionally, DJ Infraspace LLP acquired 3,895 shares on 3 November 2025. The filing explicitly states that the acquirers do not belong to the promoter or promoter group of the company. The total equity share capital of the company expanded from Rs. 1,28,40,26,320 to Rs. 1,53,40,26,320 as a result of the warrant conversion.
The acquirer group has crossed the 10% open offer trigger threshold under SEBI Takeover Regulations, which could necessitate an open offer to public shareholders. The sharp rise in non-promoter holding signals a significant shift in the shareholding pattern and may attract scrutiny from minority shareholders regarding the change in control dynamics.