The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Glacier Trade Pvt Ltd & Others
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The Promoter and Promoter Group of Phoenix Township Limited (BSE: 537839) converted 13,41,000 convertible warrants into equity shares of Rs. 10 each on 28th March 2025. The conversion was undertaken by four promoter-group entities: Glacier Trade Pvt Ltd (3,00,000 shares), Star Galaxy Trade Pvt Ltd (3,00,000 shares), Hede Consultancy Pvt Ltd (4,44,000 shares), and Hede Navigation Pvt Ltd (2,97,000 shares). The mode of acquisition was preferential allotment (2nd tranche of convertible warrant conversion), not an open-market purchase. As a result, the aggregate promoter group holding rose from 1,16,39,720 shares (67.78%) to 1,43,21,720 shares (70.01%) of the company's share capital. The company's total equity share capital also increased from Rs. 17.17 crore to Rs. 18.54 crore following this allotment.
Promoter ownership has strengthened to 70.01%, reinforcing their controlling stake in the company. Since this is a warrant-to-equity conversion (a non-cash, pre-committed allotment) rather than a fresh market purchase, it signals continuity of existing promoter commitment rather than new capital infusion, and is unlikely to have a material impact on the stock price.