The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Nidhi Garg & PACs
Awaiting price reaction for this filing.
Nidhi Garg, along with Persons Acting in Concert (PACs) Ankit Garg and Vijay Mittal, disclosed an acquisition of 17,00,000 convertible instruments (warrants/CCPS) in Omansh Enterprises Ltd under Regulation 29(1) of SEBI Takeover Regulations. This represents 9.70% of the total share capital and 9.43% of the diluted share capital. The acquisition was made through a preferential allotment pursuant to the conversion of compulsory convertible preference shares (CCPS) into equity shares. Before this acquisition, the acquirer held Nil shares. The company's total equity share capital has increased from 50,28,007 shares (Rs. 1,00,56,014) to 1,75,28,007 shares (Rs. 3,50,56,041), reflecting significant equity dilution. Importantly, the acquirers have explicitly stated they do NOT belong to the promoter or promoter group of the company.
A non-promoter entity has built a sizeable ~9.7% stake sitting just below the 10% takeover threshold, which means further acquisitions could trigger mandatory open offer obligations under SAST. Existing shareholders should watch for equity dilution when these convertibles are eventually converted into equity shares, and monitor any further stake buildup by this acquirer group.