The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Krishan Kumar Goyal & Others
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On the reaction day the stock moved 0.1 pts less than Nifty Microcap 250 and 0.8 pts less than its Dairy Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The promoter group of Modern Dairies Ltd, led by Chairman & Managing Director Krishan Kumar Goyal along with Alka Goyal, Krishan Goyal HUF, Chandigarh Finance Pvt Ltd, and Mala Builders Pvt Ltd, disclosed an acquisition of 28 lakh equity shares on 27 February 2026. The shares were received through conversion of warrants that were originally allotted via a preferential allotment. As a result, the combined promoter group holding increased from 38.94% to 44.97% of total share capital, and from 31.26% to 40.03% on a fully diluted basis. The company's diluted share capital also expanded from Rs 31.92 crore to over Rs 39 crore, reflecting the conversion. No encumbrance (pledge/lien) changes were reported.
This is a non-cash, non-market acquisition — promoters simply converted existing warrants into shares, so there is no fresh equity dilution for existing shareholders beyond what the preferential allotment terms already implied. Promoter group now holds nearly 45% of the company, moving closer to the 50% takeover threshold, which signals stronger insider commitment but also means creeping acquisition rules will apply for any further increases.