The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Vashdev Rupani, Sushila Rupani, Sow Japan Company ....
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Ind Agiv Commerce has allotted 20,56,965 equity shares on a preferential basis to 9 allottees, comprising 1 promoter (Sushila Rupani, 1,55,000 shares) and 8 non-promoters. The largest allottees are AD Techno Japan INC (7,60,000 shares, ~24.86% post-allotment) and V B Rupani (6,25,965 shares, ~20.47%), with Sow Japan Company, Ramesh Rupani, Piyush Sahay, Reena Sahay, Chiranjeev Milka Singh, and Kishin Mulchandani taking smaller lots. Promoter Sushila Rupani's absolute holding rose from 3,97,155 to 5,52,155 shares, but her effective stake dropped from 39.7% to ~18.06% due to dilution. The company's equity share capital is expanding materially, with total issued shares rising from 10,00,000 to approximately 30,56,965 (per the percentage figures in the disclosure). The allotment was completed on May 12, 2025.
Heavy dilution for existing shareholders with the share base roughly tripling. Promoter control has weakened sharply (Sushila Rupani now under 20%), and a foreign entity (AD Techno Japan INC) has emerged with about a quarter of the company, which could materially reshape voting dynamics and corporate control going forward.