The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Aica Kogyo Company Ltd
STYLAMIND · price
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Japanese company Aica Kogyo Company Ltd, already classified as a promoter of Stylam Industries, acquired an additional 4,66,116 shares (2.75%) through an open offer that closed recently. This brings their total holding from 27.12% to 29.87% of the company's equity capital of 1,69,48,060 shares. The acquisition was part of a larger takeover process where Aica Kogyo had previously entered into share purchase agreements with the Gupta family (Seller Groups) to acquire up to 40% of the company, with 27.12% already acquired through off-market transfers in February 2026. The open offer, which aimed to acquire up to 26% more from public shareholders, was only partially subscribed with only 2.75% being tendered and accepted.
Aica Kogyo's stake now stands at 29.87%, just below the 30% regulatory threshold that would have triggered additional open offer requirements. While the company remains a significant promoter shareholder with nearly 30% ownership, the under-subscription of the open offer means the acquirer did not reach their intended 40% consolidation target.