The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for India Corporation Ltd & PACs
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The promoter group of Royal India Corporation Ltd, led by India Corporation Limited along with PACs (Manojkumar Babulal Punamiya, Lata Punamiya, Aman Punamiya, Shri Baiju Trading, and Hillview Impex), has converted warrants into 85,00,000 equity shares through a preferential allotment. This increased their combined holding by 7.21%, from 38% (4,15,97,251 shares) to 42.47% (11,79,70,000 shares). The company's total equity share capital expanded from 10,94,70,000 to 11,79,70,000 shares of Rs. 10 each. The acquisition was carried out on 26 September 2024 and is being disclosed now under SEBI Takeover Regulations.
This signals strong promoter confidence in the company, as the promoter group is putting more skin in the game rather than diluting its stake. With promoter holding rising to 42.47%, they are getting closer to the 45% takeover threshold, which may limit room for further preferential creep without triggering open offer obligations. Positive sentiment for existing shareholders.