The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Jatinbhai Patel & PACs
Awaiting price reaction for this filing.
Alka India Limited, a BSE-listed company, has undergone a change in control via the insolvency resolution process. Acquirer Jatinbhai Patel, along with Persons Acting in Concert (Rinkalben Patel and Vandanaben Patel), has acquired 47,50,000 equity shares representing 95% of the company's share capital. The acquisition was carried out under a Resolution Plan approved by the NCLT Mumbai Bench on 7th February 2025 under Section 31 of the Insolvency & Bankruptcy Code, 2016. The board approved the allotment on 12th April 2025. Before this acquisition, the company had nil equity share capital, and post-acquisition it stands at 50,00,000 equity shares of Re. 1 each (Rs. 50 lakh). Jatinbhai Patel holds 5% while PACs together hold 90%.
This marks the revival and re-listing of Alka India Limited after coming out of the IBC resolution process, with new promoters taking near-complete control. Existing shareholders have effectively been diluted to a minority 5% stake. For retail investors, this signals a fresh start under new management but also means significant control shift with limited remaining float.