The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Garima Venture Finance Ltd & PACs
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Garima Venture Finance Limited, along with person acting in concert (PAC) Mr. Dineshsingh Umashankarsingh Kshatriya, has disclosed acquisition of 5,25,000 equity shares of IEL Limited through open market purchase on BSE on 11th April 2025. Garima Venture's stake rose from 8.41% (1,09,60,252 shares) to 8.80% (1,14,85,252 shares), while the PAC's holding remained unchanged at 1.95% (25,46,118 shares). Combined, the acquirer and PAC's holding in IEL increased from 10.36% to 10.76%, crossing the 10% threshold in IEL's paid-up equity capital (Rs. 13.03 crore). The acquirer is not part of the promoter/promoter group of IEL.
This is a creeping acquisition by a non-promoter entity crossing the 10% combined shareholding threshold, which may attract further buying interest and signal potential strategic involvement in IEL Limited. Shareholders should monitor whether the acquirer continues to accumulate shares, as further purchases approaching 15% would trigger a mandatory open offer under SEBI takeover regulations.