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 & Other
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Pioneer Jellice India Pvt Ltd and Ashok Matches and Timber Industries Pvt Ltd, acting in concert as part of the promoter group, disclosed an acquisition of 5,36,597 equity shares (7.56%) of India Gelatine & Chemicals Ltd. The shares were acquired by Ashok Matches and Timber Industries pursuant to an Open Offer under SEBI (SAST) Regulations, 2011. Ashok Matches' stake rose from 19.71% to 27.27%, while Pioneer Jellice India's holding remained unchanged at 19.71%. The combined promoter group holding has increased from 39.42% to 46.98% of the company's voting share capital, on a base of 70,92,300 equity shares. The acquisition date was April 9, 2025.
Promoter group control has strengthened significantly, with combined holding approaching the 50% mark. This signals promoter confidence in the company but may attract attention as they near the threshold that could trigger further open offer obligations.