Submission of Disclosure under Regulation 29(1) of SEBI(SAST)Reg. 2011
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Panafic Industrials Ltd has disclosed the acquisition of 7,62,392 equity shares of Bazel International Ltd, representing 19.78% of its total share capital. The shares were acquired through a preferential allotment on 20th February 2026, pursuant to the conversion of a loan into equity. Before this acquisition, Panafic held 0% in Bazel, meaning this is a fresh entry by the acquirer, which is not part of the promoter/promoter group of the target. Bazel International's total share capital expanded from 27,86,033 shares to 38,55,222 shares as part of this allotment (including a separate allotment of 3,06,797 shares to Chaser Financial Services Pvt Ltd).
Panafic Industrials is now just below the 25% open-offer trigger threshold under SEBI SAST rules, meaning any further acquisition could trigger a mandatory open offer for Bazel International's shareholders. For Panafic shareholders, this signals a strategic debt-to-equity conversion investment in a group-related entity, but the financial impact on Panafic itself is not detailed in the filing.