The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Anuj Agarwal & PACs
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Mr. Anuj Agarwal, part of the promoter group, has been allotted 13,00,000 equity shares of Step Two Corporation Ltd on a preferential basis, representing 17.58% of the expanded equity capital. Post-allotment, his individual holding rises from 24.64% (10,46,620 shares) to 31.73% (23,46,620 shares). The PACs (Raj Kumar Agarwal, Sapna Agarwal, Ashok Kumar Sharma) currently hold 17,83,900 shares (24.12%), which are to be additionally transferred to Anuj Agarwal via a Share Purchase Agreement. Total promoter group holding after this event stands at 55.85% (41,30,520 shares). The company's equity capital expanded from Rs. 4.25 crore to Rs. 7.39 crore through this preferential issue, increasing total shares from 42.47 lakh to 73.95 lakh.
This is a preferential allotment to the promoter, which signals confidence from the promoter but also dilutes non-promoter shareholders by around 42%. Once the SPA transfer is completed, Anuj Agarwal alone will hold over 55% of the company, giving him majority control. Investors should monitor the price at which preferential shares were issued and any open offer obligations that may arise.