The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Mohana Babu Karjela
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Mohana Babu Karjela, classified as a proposed promoter of Spice Lounge Food Works Ltd (formerly Shalimar Agencies Ltd), acquired 12,18,542 equity shares (1.74% of capital) through an off-market Share Purchase Agreement on 19-20 June 2025. His holding rose from 26,72,27,150 shares (38.33%) to 27,94,12,570 shares (40.08%) of the company's total equity share capital of 6,97,12,600 shares. The acquisition appears to be part of a change-in-promoter / takeover transaction being executed via SPA.
This lifts the proposed promoter's stake above 40%, consolidating control in his hands. Even though the holding is still below the 50% mark, investors should watch for further disclosures on open-offer obligations and the broader change-of-control deal.