The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Bhavesh Mahesh Karani & Others
Awaiting price reaction for this filing.
The promoter and promoter group of Rama Petrochemicals Ltd, led by Bhavesh Mahesh Karani, Haresh Ramsinghani, and related entities, have acquired 19,50,450 convertible warrants (12.65% on diluted basis) through a preferential allotment on 21st March 2025. Before this acquisition, the promoter group held 55,78,202 equity shares (53.28%), and after adding the warrants, their total potential holding rises to 1,05,29,152 shares or 68.28% on a fully diluted basis. No ordinary equity shares were acquired — only warrants that can be converted into shares in the future. The equity share capital of the company remains unchanged at 1,04,69,400 shares since the warrants have not yet been converted.
This is a confidence signal from the promoter group, who are deepening their control in the company by subscribing to warrants at preferential terms. Once warrants are converted, the promoter holding will move from a simple majority to a substantially stronger position (~68% diluted), reducing public float and potentially affecting minority shareholder influence on company decisions.