The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Adit Mittal & PACs
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ITCONS E-Solutions promoter Adit Mittal, along with Persons Acting in Concert (PACs) including Swati Jain, Gaurav Mittal, Chetan Prakash Mittal and others, converted 1,56,200 convertible warrants into equity shares on March 29, 2025. The warrants had been issued on July 29, 2024 at Rs. 71 per share with a 25% upfront payment. Post-conversion, Adit Mittal's equity holding rose from 1,93,800 shares (3.60%) to 2,75,000 shares (4.91%), while Swati Jain's holding went from 10,22,422 shares (19.00%) to 10,97,422 shares (19.60%). The combined promoter and PAC group holding increased from 58.30% to 59.54% of the equity share capital. The company's total equity expanded to 55,88,726 shares (from 53,82,526), and fully diluted share count stands at 1,50,68,726. No shares are encumbered (no pledge or lien).
This is a positive signal of promoter confidence — the promoter group is converting warrants into equity rather than letting them lapse, reinforcing their already majority stake of nearly 60%. For shareholders, this indicates the promoter group is willing to put more skin in the game and solidifies controlling interest, though it also slightly dilutes minority holders as more shares enter the equity base.