The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Ushaben Patel
Awaiting price reaction for this filing.
Promoter Ushaben Savjibhai Patel has disclosed a significant dilution in her shareholding percentage. Her holding remained constant at 27,96,000 shares, but the percentage dropped from 33.46% to 6.45% after the company allotted 3,50,000 equity shares on preferential basis to proposed promoters and non-promoters. The total equity share capital increased from 83,55,000 shares (Rs.83.55 lakh) to 4,33,55,000 shares (Rs.433.55 lakh). No actual sale or acquisition of shares occurred - the percentage decline is purely due to dilution from the new share issuance.
This is a passive dilution from preferential allotment, not an active sale by the promoter. However, her stake dropping to 6.45% indicates her relative influence in the company has significantly reduced due to new share issuance to other parties.