The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Irfan Chapra & PACs
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Mr. Irfan Chapra and four persons acting in concert (Reshma Chapra, Shifa Chapra, Saniya Chapra, and Mubina Sofia) have converted 7,77,775 convertible warrants into equity shares of Spice Islands Industries Limited, as disclosed on December 1, 2025. This takes their combined shareholding from 0% to 12.48% of the company's total equity capital. The warrants were originally issued on October 30, 2024, at a conversion price of Rs. 45 per share with 25% upfront payment; all 19,33,324 warrants have now been fully converted. As a result, the company's share capital has expanded from Rs. 4.30 crore to Rs. 6.23 crore.
This is a pre-committed warrant conversion rather than a market purchase, so it does not signal an aggressive takeover bid. However, the acquirers, who are non-promoters, now hold a sizeable 12.48% stake and qualify as substantial shareholders, giving them notable influence going forward. Existing shareholders are not financially diluted beyond the already-committed warrant terms.