The Exchange has received the disclosure under Regulation 10(5) in respect of acquisition under Regulation 10(1)(a) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, ....
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Netizen Properties Private Limited, a company controlled by Gurmukh Singh Thakral, is acquiring 86,84,200 equity shares (74% of paid-up capital) of Thakral Services (India) Limited from Paramount Park Limited (the existing promoter). The transaction is an off-market deal at INR 15.25 per share, marginally above the 60-day VWAP of INR 15.06. The acquirer was NOT a promoter prior to this transaction. The deal qualifies for exemption under Regulation 10(1)(a)(ii) as it involves transfer between companies where the same shareholder holds at least 50%. After the transaction, Paramount Park's holding reduces to zero while Netizen Properties becomes the new majority shareholder with 74%.
This is a significant ownership change where the entire promoter stake (74%) is being transferred to an entity controlled by the same ultimate shareholder. Existing shareholders should note this is an intra-group restructuring rather than a traditional takeover, and the open offer exemption applies due to same-person control of both companies.