The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Dhaval Girish Chheda & PACs
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Dhaval Girish Chheda (a non-promoter), along with four Persons Acting in Concert (Dhanik Food & Beverages Pvt Ltd, Bhanuben Chheda, Pinal Chheda, and Girish Chheda), has converted 5,22,220 convertible warrants into equity shares of Spice Islands Industries Ltd on December 1, 2025. As a result, the company's total equity share capital expanded from 43,00,000 shares (face value ₹10) to 62,33,324 shares. The acquirer's aggregate shareholding remained at 8.17% (5,22,220 shares) both before and after the conversion, since the warrants had already been counted in the fully diluted share capital. The warrants had been originally issued on October 30, 2024 at ₹45 per share with a 25% upfront payment, and this was the final conversion leaving no outstanding non-promoter warrants.
This is a pre-disclosed warrant conversion rather than a fresh market purchase, so it is unlikely to cause major share price movement. However, with the acquirer group collectively holding 8.17% as a non-promoter block close to the 10% SAST disclosure threshold, shareholders should watch for any further accumulation that could trigger additional disclosures or a potential takeover approach.