The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Sojan Vettukallel Avirachan, Venkata Revuru
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Three promoters of Mangalam Industrial Finance Ltd filed SAST disclosures reporting a decrease in their percentage shareholding, not due to any share sale but because of dilution from a Rights Issue. Sojan Vettukallel Avirachan's stake fell from 26.00% to 17.54% (same 25.00 crore shares). Venkata Ramana Revuru's holding dropped from 14.00% to 9.45%, and his PAC, Garuda Mart India Private Limited, fell from 4.91% to 3.31% (combined PAC group at 12.76%, down from 18.91%). The company's total equity share capital expanded from Rs. 96.16 crore (96.16 crore shares) to Rs. 142.51 crore (142.51 crore shares) following the rights issue allotment dated December 1, 2025. No shares were actually bought or sold by the promoters.
This is purely a passive dilution event, not a promoter exit. The promoters' absolute shareholdings are unchanged, but their proportional ownership fell because the company raised fresh capital via rights issue, issuing new shares to other promoters and public shareholders. Investors should view this as neutral rather than a negative signal about promoter confidence.