The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Ajaz Farooqi
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Mr. Ajaz Farooqi, a promoter of K&R Rail Engineering Ltd, has increased his equity stake in the company through the conversion of 7% Optionally Convertible Redeemable Preference Shares (OCRPS) into equity shares. He received 36,02,818 new equity shares (8.62% of the company) on 30 October 2025, taking his total holding from 28,31,529 shares (9.93%) to 64,34,347 shares (15.39%). The conversion was not an open market purchase but a pre-agreed preferential conversion. The company's total equity share capital remains unchanged at 4,18,07,812 shares.
This is a positive signal of promoter confidence — the promoter is choosing to convert preference shares into equity rather than redeeming them, locking in a larger ownership stake. No cash outflow from the company; existing shareholders face dilution of approximately 8.6% as new equity shares are issued.