The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Padmaraj Pillai HUF
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Padmaraj Pillai HUF, part of the promoter group of Power and Instrumentation (Gujarat) Ltd, acquired 2,85,000 equity shares (1.43% of total equity, 1.35% of diluted capital) on March 10, 2026 through preferential allotment by converting warrants. The issue price was Rs. 83.75 per share. Before this, the HUF held zero equity shares but had 8,00,000 warrants; after conversion it holds 2,85,000 shares plus 5,15,000 remaining warrants, keeping total exposure at 8,00,000 units (4.01% of total / 3.78% diluted). The company's total equity share count rose from 1,94,86,430 to 1,99,71,030 shares, and the fully diluted share count stands at 2,11,68,900 upon full warrant conversion.
This is a promoter group entity increasing its direct equity stake by converting existing warrants, which signals promoter confidence in the company. For shareholders, this is mildly positive as it shows the promoter is willing to put more skin in the game at Rs. 83.75 per share; however, the total promoter group holding of around 4% remains low, so there is no change in control implications.