The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Shankar Varadharajan & Others
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Awaiting price reaction for this filing.
A group of five individuals — led by Shankar Varadharajan and Anancha Perumal Selvi Keshav (acquirers) along with PACs Rohan Ramaswamy, Subramanyam Venkatesh, and Seethapathi Vignesh — together acquired 10 crore shares (56.64% of voting capital, 60.95% on a fully diluted basis) of Soma Papers and Industries Limited through a preferential allotment on 6 October 2025. The two main acquirers each received 3.27 crore equity shares (28.32% each), while the three PACs received share warrants convertible into equity at a 1:1 ratio within 18 months. Prior to this deal, the acquirer group held zero shares in the company. As a result of the allotment, Soma Papers' equity capital expanded dramatically from ₹1.40 crore (14.02 lakh shares) to ₹115.48 crore (11.55 crore shares). The acquirers are currently classified in the public category but will be reclassified as promoters after completing the open offer announced on 7 August 2025. Note: the BSE filing was attributed to KS Smart Technologies Ltd, likely an entity connected to the acquirer group.
This is a clear change-of-control transaction — a new promoter group is taking over Soma Papers with a majority 56.64% stake, which will shift ownership and likely management of the company. Existing public shareholders face heavy dilution, though the company is receiving a sizeable fresh equity infusion of over ₹100 crore.