The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Kunal Narendra Gandhi & PACs
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Promoter Kunal Narendra Gandhi, along with Persons Acting in Concert (PACs) Nehal Narendra Gandhi, ENAI Trading and Investment Pvt Ltd, and Alisha Kunal Gandhi, has disclosed the acquisition of equity shares arising from the conversion of warrants issued on a preferential basis. Kunal Gandhi individually acquired 36,280 shares (0.70% of capital), while PACs ENAI Trading acquired 39,384 shares (0.76%) and Nehal Gandhi acquired 30,500 shares (0.59%). The company's total equity share capital increased from Rs. 5.15 crore (51,50,000 shares) to Rs. 5.59 crore (55,91,164 shares) following the warrant conversions. The promoter and PAC group's combined holding stands at 44.78% of the expanded share capital, down from 48.61% earlier purely due to capital dilution from the preferential allotment.
This is a constructive signal showing promoter confidence in the company, as promoters are putting in more equity through warrant conversions. However, the promoter's percentage holding has dipped below the 50% mark to 44.78%, meaning non-promoter shareholders now hold a larger share of the expanded capital base.