The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Tanuj Pawan Agarwal and Harsh Agarwal
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On the reaction day the stock moved 4.8 pts more than Nifty Microcap 250 and 4.8 pts more than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Promoters Tanuj Pawan Agarwal and Harsh Pawan Agarwal converted their convertible warrants into equity shares through a preferential allotment. A total of 36,00,000 shares were allotted (Tanuj: 30,00,000; Harsh: 6,00,000), representing 8.33% of the company's voting capital. As a result, the company's total share capital increased from Rs. 39.61 crore (3.96 crore shares) to Rs. 43.21 crore (4.32 crore shares). After the conversion, the promoters' combined shareholding stands at approximately 11.69% of the company.
This is a confidence-building signal as promoters are increasing their equity stake by converting warrants (which they had earlier subscribed to) into actual shares. The dilution from new shares was absorbed entirely by the promoter group, meaning no change in effective promoter control percentage for outside shareholders.