Dr. Chetan Shah has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
SOLEX · price
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Dr. Chetan Shah, an existing promoter of Solex Energy Limited, plans to acquire 8,22,000 equity shares (7.61% of total capital) from 8 other promoters of the company. The sellers include Pukhraj Ganeshilal Agrawal, Narayan Arun Patodia, Sunita Arunkumar Patodia, Patodia Arunkumar Kashiprasad, Krishna Patodia, Piyush Kailashchandra Chandak, Kavita Piyush Chandak, and Kavitadevi Kailashchandra Chandak. The acquisition price is Rs. 900 per share, below the calculated fair price of Rs. 1,025. This is an inter se transfer between existing promoters and is exempt from open offer requirements under Regulation 10(1)(a)(ii). After the transaction, Dr. Chetan Shah's holding will increase from 6.83% to 14.44%.
Dr. Chetan Shah's stake nearly doubles from 6.83% to 14.44%, consolidating promoter holdings. This is a routine promoter-to-promoter transfer and is unlikely to have immediate impact on the stock price.