The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Zwina Infrastructure Pvt Ltd & PACs
IBULLSLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Zwina Infrastructure Pvt Ltd, along with Persons Acting in Concert including promoter Sameer Gehlaut and 13 other group entities, has filed a SAST disclosure reporting a change in their combined shareholding in Indiabulls Ltd. The change is due to an allotment of 2,22,39,39,879 new equity shares (face value Rs 2) on November 4, 2025, pursuant to a Scheme of Arrangement that merged Dhani Services Ltd and Indiabulls Enterprises Ltd into Indiabulls Ltd. As a result, the total equity capital of Indiabulls surged from 10.04 crore shares to 232.44 crore shares. The PAC group's combined holding rose from 27.46% (2.75 crore shares) to 32.84% (76.34 crore shares), an increase of 5.38 percentage points. No shares were encumbered, and the acquisition was not through market purchase but through the court-approved merger scheme.
This is a structural event — the promoter group's effective stake has risen to 32.84% purely because of share issuance under the merger, not a fresh market purchase. For shareholders, this means significant equity dilution (existing shareholders' stake percentage drops because the share count grew ~23x), while the promoter consortium retains meaningful control. Stock price may have already priced in the scheme; no immediate cash outflow or new fundraise is involved.