The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Vishal Prakashbhai Ashara & PACs
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Vishal Prakashbhai Ashara along with four persons acting in concert (PACs, all family members) acquired 7,00,000 equity shares of Jattashankar Industries Ltd from Mr. Sharad Poddar through an off-market share purchase agreement dated December 20, 2024. The transaction was executed at Rs. 60 per share, taking their combined holding from 0% to 15.96% of the company's equity share capital (total capital: 43,87,100 shares of Rs. 10 face value). The acquirers are explicitly stated as not belonging to the promoter/promoter group. The acquisition triggered mandatory open offer requirements under Regulation 3(2) of the SAST Regulations, 2011, which the acquirer has complied with. The total consideration paid is approximately Rs. 4.2 crore.
This is a significant change-of-control type event where a new non-promoter group has acquired a nearly 16% stake, crossing the 15% regulatory threshold and triggering a mandatory open offer for additional shares. Existing shareholders should expect potential dilution of their holdings and watch for the open offer announcement details, pricing, and tendering window.