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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A R Foundations Private Limited, a non-promoter entity, acquired 24,74,268 equity shares of Indian Terrain Fashions Ltd by converting warrants that were earlier allotted on a preferential basis at Rs. 50.52 per share. This pushed its holding from 3.57% (16,34,285 shares) to 8.11% (41,08,553 shares), crossing the 5% disclosure threshold under SAST rules. The allotment was made on 27th May 2025, with total consideration of about Rs. 12.5 crore for this tranche. Overall, the company converted 49,48,537 warrants into equity shares across 3 allottees, increasing its equity base to 5,06,67,367 shares (Rs. 10.13 crore share capital).
Since A R Foundations is not part of the promoter group, this is not a promoter stake change, so no open offer is triggered at this stage. However, the preferential conversion is dilutive for existing shareholders, and the new shareholder now sits at 8.11%, just shy of the 10% SAST threshold that would trigger an open offer obligation if breached.