Submission of Disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeover)Regulations, 2011 (SEBI (SAST) Regulations")
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Spice Islands Industries Ltd has informed the BSE that promoter group entity Fotoset Trading Private Limited filed a Regulation 29(2) disclosure regarding a change in promoter shareholding. The company allotted 19,33,324 equity shares to non-promoter acquirers upon exercise of convertible warrants on December 1, 2025. As a result, the equity share capital expanded from 43,00,000 shares (INR 4.30 crore) to 62,33,324 shares (INR 6.23 crore) at INR 10 face value. The promoter group's shareholding was passively diluted from 62.50% to 43.11% on a fully diluted basis, while the absolute number of promoter shares stayed the same at 26,87,390.
The promoter group has fallen below the 50% majority mark (now at 43.11%), which reduces their absolute control over the company. This is a passive dilution from warrant conversions by non-promoters, not a promoter sell-off, so existing shareholders are not directly affected by promoter exits, but governance dynamics could shift going forward.