The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Nimesh S Joshi
Awaiting price reaction for this filing.
Nimesh S Joshi, a non-promoter individual, has disclosed the acquisition of 15,45,000 equity shares of Dugar Housing Developments Limited (the listed target company on BSE) through a preferential allotment on June 12, 2025. This takes his holding from nil to 22.07% of total share capital (15.93% on a fully diluted basis). The target company's share capital expanded sharply from Rs. 30 lakh (3 lakh shares) to Rs. 7 crore (70 lakh shares) following the allotment, indicating a significant fresh issue. The filing is required under Reg 29(1) of the Takeover Code since the acquirer's voting rights crossed the 15% disclosure threshold in one transaction.
At 22.07%, the acquirer sits just below the 25% open offer trigger threshold, so investors should watch closely — any further acquisition could force a mandatory open offer. The large preferential issuance also dilutes existing shareholders' stakes substantially.