The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Ritesh Vijay Vakil
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Ritesh Vijay Vakil, a promoter of Pet Plastics Ltd, has sold 1,15,500 shares (23.10% of the company's voting capital) through an off-market Share Purchase Agreement dated October 3, 2024. The sales were executed in two tranches: 500 shares on June 17, 2025, and 1,15,000 shares on June 21, 2025. As a result, his holding in the company dropped sharply from 1,45,500 shares (29.10%) to just 30,000 shares (6.00%). The total equity share capital of the company is 5,00,000 shares with a face value of Rs. 10 each. This disclosure was filed under SEBI's Takeover Regulations to report the change in promoter shareholding.
This is a significant promoter exit, reducing the promoter's stake from 29.10% to just 6.00%, which could raise governance concerns and signal a major change in promoter commitment. Shareholders should watch for further disclosures about the buyer, as the stock may see volatility given the sharp reduction in promoter holding.