The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Viraj Chandrakant Gandhi
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Viraj Chandrakant Gandhi, a non-promoter individual, acquired 6,00,000 equity shares of Relic Technologies Ltd on April 5, 2025, through a preferential allotment. This gave him a 11.65% stake in the company (10.73% on a fully diluted basis), up from zero holdings before the transaction. The company's total equity share capital expanded from Rs. 3.60 crore (36 lakh shares) to Rs. 5.15 crore (51.5 lakh shares) as part of this preferential issue. A separate SAST disclosure was filed under Regulation 29(1) since the acquisition crossed the 10% disclosure threshold. Gandhi is not part of the promoter group, indicating the stake has been taken up by an external investor via a private placement rather than on the open market.
The preferential allotment has diluted existing shareholders by about 43% (15.5 lakh new shares issued). For shareholders, this signals a fresh capital infusion into the company from an external non-promoter investor, which could strengthen the balance sheet but also signals meaningful equity dilution at a small-cap company.