The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Sandeep Jain & PACs
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Sandeep Jain along with 3 PACs (Vikas Garg, Rahul Nagar, Himanshu Arora) disclosed acquisition of shares in Pankaj Polymers Ltd under a Share Purchase Agreement. Sandeep Jain individually acquired 66,010 shares (1.19%), while Vikas Garg acquired 1,19,270 shares (2.15%), Rahul Nagar acquired 6,60,690 shares (11.92%), and Himanshu Arora acquired 1,99,338 shares (3.60%). After the acquisition, the acquirer group holds 17,02,956 shares representing 30.72% of the company's equity capital. Notably, 10,45,380 shares (18.86%) are held in encumbrance (pledged/lien). The filing indicates this is part of a larger transaction where a total of 32,23,627 shares (58.15%) are to be acquired to take control of the company, with an additional 27.43% to be executed later.
This is a significant change of control transaction where Sandeep Jain and PACs are acquiring majority stake (58.15% planned) to become new promoters. The 30.72% holding after this filing represents a substantial promoter stake build-up. The large pledged shares (18.86%) in encumbrance may pose a risk if invoked.