The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Khusbhoo Ashish Jain & PACs
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Khusbhoo Ashish Jain, along with 10 Persons Acting in Concert (PACs) — all part of the Naapbooks Promoter Group — were allotted 14,38,700 warrants through a Preferential Allotment dated December 10, 2024. The biggest allotments went to Mr. Abhishek Nirmal Jain (4,00,000 warrants) and Mr. Ashish Nirmal Jain (3,00,000 warrants). Before this, the PAC group collectively held 57,59,808 equity shares (63.86% voting rights), and the additional warrants take their diluted holding to 54.01%. The disclosure was filed with BSE on March 29, 2025 under SEBI SAST Regulation 29(2). Post-allotment, Naapbooks' equity capital rose from 90.19 lakh to 1.07 crore shares, with a total of 26.13 lakh warrants outstanding on a fully diluted basis.
This is a promoter-group preferential allotment of warrants, which reinforces insider control of the company. While no cash changes hands today, existing public shareholders will face dilution once these warrants are exercised. For retail investors, the key risk is further equity dilution from a small-cap, BSE-SME listed company.