The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Garuda Mart India Pvt Ltd
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Garuda Mart India Pvt Ltd, together with PAC Venkata Ramana Revuru, has disclosed a fall in their combined stake in Mangalam Industrial Finance from 18.91% to 12.76%. The absolute shareholding remained unchanged at 18,18,23,261 equity shares — no shares were bought or sold. The reduction is purely a dilution effect from a Rights Issue completed on 1st December 2025, where the company's share capital expanded from 96.16 crore to 142.51 crore equity shares of Re. 1 each, allotted to other promoters and public shareholders. Garuda Mart and the PAC did not subscribe to the rights issue, leading to their proportional stake dropping (Garuda Mart: 4.91% → 3.31%; PAC: 14.00% → 9.45%).
This is not a sale or exit by the promoter group — it is a passive dilution. However, the promoter group's decision not to subscribe to maintain its stake may be viewed as a mild negative signal regarding promoter confidence or financial capacity, and the combined promoter holding is now relatively thin at around 12.76%.