The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Balaji Raghavan
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Ironwood Education Ltd filed a Regulation 29(2) disclosure on January 24, 2026, reporting a change in promoter shareholding caused entirely by a preferential allotment of 17,11,670 equity shares (face value Rs 10) to non-promoter entities on January 22, 2026. No promoter actually bought or sold any shares — the promoter's absolute share count stayed the same at 1,10,92,941 shares. Because the total share base grew from 1,50,68,956 to 1,67,80,626 shares, the promoter group's percentage holding was diluted from 73.61% to 66.11%. The largest individual promoter, Balaji Raghavan, saw his stake move from 22.17% to 19.91% on a diluted basis, with no change in share count.
This is a passive dilution event for existing promoters, not a sell-down, so it does not reflect any loss of confidence by the promoter group. However, the company's promoter base is now meaningfully weaker in percentage terms, and the Rs 17.11 crore preferential issue expands the equity base by about 11.4%, which can weigh on short-term per-share metrics like EPS.