The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for India Business Excellence Fund III
HAPPYFORGE · price
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Awaiting price reaction for this filing.
India Business Excellence Fund III, a non-promoter institutional investor, sold 39,10,098 equity shares (4.15% of paid-up capital) of Happy Forgings in an off-market transaction on 24th January 2025. Before the sale, the fund held 78,20,195 shares (8.30%); after the sale, its holding reduced to 39,10,097 shares (4.15%). The fund acknowledged that this disclosure is being filed late because the transaction happened when no designated Compliance Officer was in place. The omission was caught after a new Compliance Officer was appointed in June 2025, and the fund is now seeking to regularize the reporting.
This is a delayed disclosure of a stake sale by a non-promoter institutional investor, halving its holding from 8.30% to 4.15%. While the sale itself happened in January 2025, the late filing raises minor governance concerns, though no promoter dilution is involved and the share price was not directly impacted at the time.