The Exchange has received the disclosure under Regulation 29(1) & 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Subhash Phootarmal Rathod
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Mr. Subhash Phootarmal Rathod, along with persons acting in concert (PACs), has disclosed the acquisition of 1,13,60,630 equity shares (6.144% of the share capital) of Praxis Home Retail Limited under a Rights Issue dated 1st September 2025. The combined holding of the acquirer and PACs has increased from 11.145% (1,50,82,533 shares) before the acquisition to 14.301% (2,64,43,163 shares) after the acquisition. The company's total equity share capital has expanded from 13,53,30,684 to 18,49,10,684 shares following the rights issue. Importantly, the acquirer has explicitly stated that he does not belong to the promoter or promoter group of the company.
This is a non-promoter acquisition via a rights issue, with the acquirer's holding rising to 14.30% — moving closer to the 25% open offer trigger threshold under SEBI takeover rules. Shareholders should note the increased concentration of shares with this non-promoter group, though no immediate open offer obligation is triggered at this stage.