The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for A R Foundations Pvt Ltd
INDTERRAIN · price
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On the reaction day the stock moved 5.1 pts more than Nifty Microcap 250 and 4.4 pts more than its Garments & Apparels peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Indian Terrain Fashions Ltd allotted 49,48,537 convertible warrants to 3 allottees via preferential allotment, of which 24,74,268 warrants went to A R Foundations Private Limited at Rs. 50.52 per warrant (inclusive of premium). Each warrant is convertible into 1 equity share of face value Rs. 2, exercisable within 18 months from the date of allotment, with 100% consideration required on conversion. As a result, A R Foundations' holding in the company rose from 3.57% to 8.11% on a diluted basis, crossing the 5% threshold that triggered this SAST disclosure. The company clarified that A R Foundations does not belong to the promoter or promoter group. The board approved the allotment on 31st March 2025 via circular resolution.
A non-promoter entity increasing its stake to 8.11% signals a significant new investor coming on board, but it also means potential future dilution of existing shareholders if and when these warrants are converted into equity shares over the next 18 months.