The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Vinoth Kumar Mohanadas
Awaiting price reaction for this filing.
Vinoth Kumar Mohanadas along with PAC Suseela Kumarappan has disclosed acquisition of shares in Dugar Housing Developments Ltd (referred to as Azad India Mobility Limited in certain sections, suggesting a name change). The acquirers, who are not classified as promoters, went from holding zero shares to acquiring 32,00,000 equity shares (45.71% of voting capital) plus 27,00,000 warrants through a preferential allotment dated June 12, 2025. Their combined holding now stands at 59,00,000 shares, representing 84.28% of total voting capital and 60.82% of diluted voting capital. The target company's equity share capital expanded from Rs. 30 lakhs (3 lakh shares) to Rs. 7 crores (70 lakh shares) as a result of this preferential issue.
This represents a major change of control event, with the acquirers holding over 84% of voting rights. Depending on the applicability of preferential allotment exemptions, this may trigger mandatory open offer obligations for remaining minority shareholders. Existing investors should monitor for any open offer announcement and evaluate the implications of this concentrated ownership shift.