The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Ajay Jaiswal & Others
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Ajay Jaiswal along with five persons acting in concert (Vishal, Poonam, Ashok, Niharika, and Shikha Jaiswal) disclosed a large acquisition of 94,64,134 equity shares (57.29%) in Adarsh Mercantile Limited on 26 March 2025, likely via a preferential allotment since the company's share capital expanded over 4x from 36.75 lakh to 1.65 crore equity shares. After the acquisition, the group's combined holding rose from 73.20% to 73.57% of the expanded capital. The acquirers are currently classified as 'public' but have already announced an open offer on 6 February 2025 under SEBI (SAST) Regulations 3 & 4; once the open offer closes, they will be reclassified as promoters of the company.
Existing minority shareholders of Adarsh Mercantile should brace for a change in control, with a mandatory open offer from the acquirers likely to follow. The massive share dilution (over 4x increase in capital) significantly reduces the stake value of non-participating shareholders, though the open offer provides an exit opportunity at a regulated price.