The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for 1729 Capital & Others
SURYODAY · price
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1729 Capital, along with related entities and individuals (1729 Advisors LLP, Pandit Pvt. Trust, Deepak Thakran and his brothers), acquired 23,23,467 equity shares (2.18%) of Suryoday Small Finance Bank through open market purchases on August 23, 2024. This took their combined holding from 4.96% (52,68,723 shares) to 7.14% (75,92,190 shares), crossing the 5% disclosure threshold. The acquirers are not part of the promoter group. The RBI, via a May 2025 communication, clarified that the listed individuals must be treated as Persons Acting in Concert, which is why this combined disclosure is being filed now. Consequently, the bank has capped their voting rights at 4.99% from May 16, 2025, and the acquirers are seeking post-facto RBI approval for breaching the 5% threshold.
For retail shareholders, this means a non-promoter investor group now holds over 7% of the bank, but their voting power is restricted below 5% per RBI norms for Small Finance Banks. The cap on voting rights reduces the influence of this stake, and the pending RBI approval adds some regulatory uncertainty, though the shares themselves remain validly held.