The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Pioneer Jellice India Pvt Ltd & Others
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Pioneer Jellice India Pvt Ltd and Ashok Matches and Timber Industries Pvt Ltd, acting as persons acting in concert (PAC) and part of the promoter group, have filed a disclosure under SEBI SAST Regulations. Ashok Matches acquired 5,36,597 equity shares (7.56% of voting capital) of India Gelatine & Chemicals on April 9, 2025, pursuant to an Open Offer under SEBI SAST rules. Before the acquisition, the promoter group's combined holding was 39.42% (Pioneer Jellice 19.71% + Ashok Matches 19.71%). After this acquisition, Ashok Matches holds 27.27% and the combined promoter group holding has risen to 46.98% of the company's equity share capital of 70,92,300 shares.
The promoter group has substantially increased its stake and is now just about 3 percentage points shy of the 50% takeover threshold, which strengthens promoter control and reduces free-float. This concentration of ownership may be seen as a positive signal of promoter commitment but also raises concerns about minority shareholder influence and potential for further creeping acquisitions.