The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Fotoset Trading Pvt Ltd
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Promoter entity Fotoset Trading Pvt Ltd has filed a SAST disclosure reporting a change in its shareholding in Spice Islands Industries Ltd. 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 Promoter and Promoter Group shareholding got diluted from 62.50% to 43.11%, even though Fotoset's absolute share count remained unchanged at 26,87,390 shares. The total equity share capital expanded from 43,00,000 shares (face value INR 10) to 62,33,324 shares, an increase of nearly 45%. No promoter shares were actually sold – this is purely a dilution event triggered by non-promoter warrant conversions.
For shareholders, this is a meaningful event because promoter holding has now fallen below the 50% mark (43.11%), which could reduce promoter control over company decisions. The large infusion of equity from non-promoters may strengthen the balance sheet but also dilutes existing shareholders. Investors should watch whether this triggers any open offer obligations and monitor further promoter stake changes.