The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Riddhi Panchmatiya & PACs
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Awaiting price reaction for this filing.
Riddhi Panchmatiya and Meet Panchmatiya, both from the Promoter Group of Poojawestern Metaliks Ltd, sold a total of 81,000 equity shares (0.80% of share capital) through open market transactions. Riddhi sold 11,000 shares on November 12, 2023 (0.11%) and another 25,000 shares on November 17, 2023 (0.25%), while Meet sold 45,000 shares on November 17, 2023 (0.44%). As a result, the combined Promoter Group holding declined from 63.33% to 62.53% of the company's paid-up equity share capital. The disclosure was filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. Key remaining promoters like Sunil Devram Panchmatiya (18.33%) and Anil Devram Panchmatiya (15.96%) have not changed their holdings.
This is a relatively small reduction in promoter stake (less than 1%), so the immediate price impact should be limited. However, any promoter group selling is typically viewed with mild caution by retail investors, though the family still controls over 62% of the company, leaving management control firmly in place.