The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Shanghvi Finance Pvt Ltd & PACs
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Shanghvi Finance Private Limited, along with 13 Persons Acting in Concert (PACs) including promoter Dilip S. Shanghvi and family members, received 3,85,10,000 convertible warrants via preferential allotment. Each warrant converts to 1 equity share at ₹155.80, with total consideration of approximately ₹600 crore on full conversion. Before this acquisition, the promoter group held 21,13,15,095 shares (65.67%). After acquisition, Shanghvi Finance's direct holding remains 42.28% of equity capital, but the warrants add 10.61% on diluted basis. The warrants carry no voting rights until conversion, which must occur within 18 months.
Promoter group is consolidating further control by acquiring warrants that could increase their total holding to 69.31% on fully diluted basis. This represents a creeping acquisition by the promoter group, though no immediate change in voting rights occurs as warrants are not yet converted.