The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Kritikka Infrastructure Pvt Ltd & PACs
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Kritikka Infrastructure Pvt Ltd, along with Sameer Gehlaut and 12 PAC entities, acquired 73.58 crore equity shares in Indiabulls Limited via allotment on November 4, 2025. The shares were issued under a Scheme of Arrangement approved by NCLT Chandigarh on August 29, 2025, which merged Dhani Services Limited and Indiabulls Enterprises Limited into Indiabulls Limited. Total 222.39 crore shares were allotted to shareholders of the merged entities based on approved share exchange ratios. As a result, the combined holding of the acquirer and PACs rose from 27.46% to 32.84% of Indiabulls' paid-up capital. Indiabulls' total equity share capital expanded massively from Rs. 20.09 crore (10.04 crore shares) to Rs. 464.88 crore (232.44 crore shares).
This is a post-merger regulatory disclosure confirming completion of the Dhani Services and Indiabulls Enterprises merger into Indiabulls Limited. The promoter group's stake has increased to over 32%, consolidating control. Shareholders of the merged entities now hold shares in Indiabulls; existing shareholders have seen significant dilution due to the large share issuance.