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 Limited reported that promoter group members Adit Mittal (81,200 shares) and Swati Jain (75,000 shares) converted a total of 1,56,200 convertible warrants into equity shares on March 29, 2025, representing 2.79% of total share capital. The warrants were originally issued on July 29, 2024 at Rs. 71 per share with a 25% upfront payment. After this conversion, the combined promoter group holding rose from 58.30% to 59.54% of the total share capital (or 64.14% on a fully diluted basis). Adit Mittal's individual stake increased from 3.60% to 4.91%, while Swati Jain's holding moved from 19.00% to 19.60%. The company's equity share capital expanded from Rs. 5.38 crore to Rs. 5.59 crore.
This is a confidence-building signal as promoters are putting additional capital into the company by converting pre-issued warrants into equity. The promoter group's increased ownership strengthens their control of the company. However, 94,70,000 warrants remain outstanding and could cause future dilution if converted.