The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Saurabh Gangal
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Awaiting price reaction for this filing.
Saurabh Gangal, a non-promoter shareholder of ITCONS E-Solutions, has filed a SEBI SAST disclosure noting a change in his shareholding percentage. Importantly, no actual shares were bought or sold — his holdings stayed constant at 489,328 equity shares. His voting percentage fell from 8.10% to 6.79% (diluted basis remains 3.25%) because the company's total equity share capital increased from Rs. 6.04 crore to Rs. 7.20 crore, following the conversion of warrants held by other shareholders. The total diluted share capital post-conversion stands at Rs. 15.07 crore. This is purely a passive dilution event triggered by other investors converting their warrants, not a transaction by Gangal himself.
No active buying or selling occurred, so this is a technical, non-event for shareholders. The dilution from warrant conversions by others slightly reduces Gangal's proportional stake, but does not affect the stock price or existing shareholders negatively beyond normal dilution from new share issuance.