The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Cheralathan
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Awaiting price reaction for this filing.
Cheralathan, a non-promoter acquirer, was allotted 15,00,000 equity shares of MSL Global Limited (face value Rs. 10, premium Rs. 8) on 10 October 2025 through preferential allotment pursuant to conversion of warrants. This took his holding from 1,15,000 shares (0.79% voting) to 16,15,000 shares (7.54% voting), breaching the 5% disclosure threshold. As part of this same warrant conversion round, the company allotted a total of 68,57,334 equity shares to strategic non-promoter investors, expanding its equity capital from Rs. 14.56 crore (1.45 crore shares) to Rs. 21.42 crore (2.14 crore shares). The acquirer is not part of the promoter group.
Existing shareholders face dilution of approximately 47% due to the large preferential warrant conversion by non-promoter strategic investors. The fresh capital may strengthen the company's balance sheet, but investors should watch for the purpose of the fundraising and post-issue share price reaction, as the bulk of the dilution has already taken place.