The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Shubhalakshmi Polyesters Ltd
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Shubhalakshmi Polyesters Ltd, part of the promoter group, acquired 7,74,946 equity shares (12.28%) of Shree Hari Chemicals Export Ltd through conversion of Compulsorily Convertible Debentures (CCDs) originally allotted on 15 November 2024. The acquirer's individual stake rose from 13.93% to 24.50%, while the total promoter group holding increased from 59.25% to 64.26% of the company. The total share capital of Shree Hari Chemicals expanded from 55.37 lakh shares to 63.13 lakh shares as a result of the conversion. The CCDs were allotted on a preferential basis, so this is essentially debt-to-equity conversion, not a fresh open-market purchase.
The promoter group is consolidating and strengthening its control over Shree Hari Chemicals without any cash market buying, which is neutral to mildly positive for minority shareholders as it reflects long-term promoter commitment. However, the higher promoter holding further reduces public float and trading liquidity in the stock.