Sapna 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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Sapna Shah, an existing promoter of Solex Energy Limited, is acquiring 12,46,500 equity shares (11.54% of total capital) from five other promoters through an inter-se transfer. The sellers include Agrawal Bhavana, Shikha Ayush Patodia, Krishna Patodia, Kailashchandra Banshilal Chandak, and Kalpesh Patel. The acquisition price is ₹900 per share, which is below the 60-day VWAP of ₹1,025. After the transaction, Sapna Shah and her PACs' holding will increase from 5.11% to 16.65% of the company. The transfer is exempt from making an open offer under Regulation 10(1)(a)(ii) as it involves existing promoters who have been on the shareholding pattern for over three years.
This is an intra-promoter group transfer that consolidates promoter holdings. While it increases Sapna Shah's stake significantly, it does not trigger open offer obligations since it qualifies for exemption. The below-market pricing (£900 vs £1,025 VWAP) is within SEBI's permissible range but could raise concerns about value transfer.