The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for JA Spaces LLP & Others
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JA Spaces LLP, along with five PACs (DJ Infraspace LLP, Deepakkumar Vaswani, Ashokkumar Vaswani, Jashh Vaswani, and Dimple Vaswani), acquired 1,50,00,000 (1.5 crore) convertible warrants of Gujarat Natural Resources Ltd through a preferential allotment on May 26, 2025. The warrants are convertible 1:1 into equity shares at any time within 18 months from the date of allotment. Before this acquisition, the group's total holding was just 671,731 shares (0.52% of equity / 0.44% of diluted capital). After adding the warrants, their combined holding rises to 15,671,731 shares, which is 0.52% of total equity but 10.22% on a fully diluted basis. The filing explicitly states that the acquirers do NOT belong to the promoter or promoter group of the company. The diluted share capital of the company will increase to Rs. 153.40 crore (from Rs. 128.40 crore) assuming full conversion of all 2.5 crore outstanding warrants.
This is a significant stake-building move by a non-promoter group that pushes their holding across the 10% SAST disclosure threshold on a diluted basis. For retail investors, this signals a potential future increase in influence or even a takeover attempt if more warrants are converted, warranting close tracking of further disclosures from this group.