The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Varun Somani & PACs
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Varun Somani and Persons Acting in Concert (PACs), part of the promoter group of Oricon Enterprises, have disclosed an off-market sale of shares under SEBI Takeover Regulations. Before the transaction, the promoter group's collective holding stood at 1,87,28,040 shares, representing 11.93% of the company's share capital. After the transaction, their combined holding reduced to 46,36,020 shares, or 2.96% — a net reduction of 1,40,92,020 shares (8.97%). The equity share capital of the company also increased from INR 3,141.49 lakhs to INR 3,414.49 lakhs, suggesting a simultaneous capital issuance. The mode of transaction is off-market sale, indicating an inter-se transfer or restructuring within the promoter group entities.
The promoter group's stake has dropped sharply from 11.93% to 2.96%, signalling a significant reduction in promoter control of the company. Retail shareholders should note this dilution in promoter holding, which may affect governance dynamics and could influence stock sentiment depending on the reason behind the transfer.