The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Cheralathan
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Cheralathan, a non-promoter acquirer, acquired 15,00,000 equity shares (7.00%) of MSL Global Ltd through conversion of warrants on a preferential allotment basis on October 10, 2025. Before this, he held 1,15,000 shares (0.79%) plus 15,00,000 warrants (7.00% on diluted basis); after conversion his holding stands at 16,15,000 shares (7.54%). The company's total equity share capital expanded from ₹14.56 crore to ₹21.42 crore following a larger preferential allotment of 68,57,334 shares to strategic (non-promoter) investors on the same date. The acquisition is not a market purchase but a result of warrant exercise, and Cheralathan is confirmed not to belong to the promoter or promoter group.
This is a non-promoter, pre-committed warrant conversion rather than open-market buying, so there is no negative dilution-of-promoter-control signal. Retail investors should note the equity base has expanded by ~47%, which spreads ownership but also dilutes existing shareholders' proportional stakes.