The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Mathew Cyriac
PRAXIS · price
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Mr. Mathew Cyriac, along with PAC M/s. Elimath Advisors Private Limited, filed a disclosure regarding Praxis Home Retail Ltd. The total holding remains unchanged at 3,58,07,489 shares (19.36%) of the company. However, the nature of the holding has shifted: shares carrying direct voting rights dropped sharply from 14.34% (2.65 crore shares) to 1.54% (28.51 lakh shares), while encumbered shares (pledge/lien/non-disposal undertaking) rose from 5.02% (93 lakh shares) to 17.82% (3.29 crore shares). This indicates that 2,36,56,000 shares (12.79%) were converted from direct voting shares to encumbered shares. The acquirer is not part of the promoter/promoter group. The company's total equity capital stands at 18,49,10,684 shares of face value Rs. 5 each.
The total shareholding of the acquirer remains the same at 19.36%, so there is no change in ownership. However, the sharp increase in encumbered shares (from 5.02% to 17.82%) signals that a large portion of the stake has been pledged or otherwise encumbered, which could be a concern for retail investors as it raises questions about financial leverage and the acquirer's ability to retain control.