Submission of Disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ("SEBI (SAST) Regulations")
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Spice Islands Industries Ltd informed BSE that non-promoter acquirer Mr. Dhaval Girish Chheda, along with four Persons Acting in Concert (Dhanik Food & Beverages Pvt Ltd, Mrs. Bhanuben Girish Chheda, Mr. Girish Keshavji Chheda, and Mrs. Pinal Dhaval Chheda), has acquired 5,22,220 equity shares by exercising convertible warrants. The shares were allotted on December 01, 2025, taking the group's combined holding in the company to 8.17% (5,22,220 shares). As a result, the company's equity share capital increased from INR 4.30 crore (43 lakh shares) to INR 6.23 crore (62.33 lakh shares) of face value INR 10 each. The warrants were originally issued to non-promoters on October 30, 2024 at INR 45 per share with 25% upfront payment, and with this conversion all non-promoter warrants now stand fully converted.
The acquisition is a pre-arranged warrant conversion by a non-promoter group and does not change promoter control of the company. However, the acquirer's holding at 8.17% is now close to the 10% open-offer trigger threshold under takeover rules, which may draw investor attention to further accumulation by this group.