The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Padmaraj P Pillai HUF
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Padmaraj P Pillai HUF, part of the promoter group of Power and Instrumentation (Gujarat) Ltd, has disclosed the conversion of 2,15,000 warrants into equity shares through a preferential allotment. The conversion was done at an issue price of Rs. 83.75 per share, as approved at the board meeting held on March 18, 2026. As a result, the HUF's direct equity holding increased from 5,85,000 shares (2.88%) to 8,00,000 shares (3.83%) of the company. The warrants, originally issued on a preferential basis, were convertible within 18 months from the date of allotment, and each warrant carried the right to acquire one fully paid-up equity share of Rs. 10 face value. The company's total equity share capital rose to Rs. 20.86 crore (2,08,68,900 shares) after this conversion.
This is a positive signal for shareholders as it shows promoter group confidence in the company, with promoters increasing their direct equity stake by putting in additional capital at Rs. 83.75 per share. The conversion strengthens the promoter's skin in the game, though the overall promoter holding remains modest at 3.83%.