Submission of Disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011 ("SEBI (SAST) Regulations")
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Mr. Irfan Chapra, along with four Persons Acting in Concert (Reshma, Shifa, Saniya Chapra and Mubina Sofia), has converted 7,77,775 convertible warrants into equity shares of Spice Islands Industries Ltd on December 1, 2025. Post-conversion, the group's aggregate shareholding stands at 12.48% of the company's paid-up capital. The warrants were originally issued on October 30, 2024 at Rs. 45 per share, with 25% upfront payment, under SEBI ICDR Regulations. As a result of this conversion, the company's equity share capital increased from Rs. 4.30 crore (43 lakh shares) to Rs. 6.23 crore (62.33 lakh shares). All non-promoter convertible warrants have now been fully converted.
The acquirer is a non-promoter, so there is no change in promoter holding. However, the group crossing the 10% substantial acquisition threshold (now at 12.48%) is noteworthy for retail investors as it indicates a committed shareholder base. This is a warrant conversion (not open market buying), so there is no immediate cash impact, but it does increase the free float.