The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Bhavesh Karani & Others
Awaiting price reaction for this filing.
The promoter and promoter group of Rama Petrochemicals Ltd, led by Bhavesh Mahesh Karani and Haresh Daulat Ramsinghani along with persons acting in concert, have acquired 7,60,308 equity shares (4.93% of voting capital) through a preferential allotment on 26th March 2025. This raises their combined voting stake from 53.28% (55,78,202 shares) to 58.28% (68,32,952 shares) of the company. The total equity share capital of the company expanded from 1,04,69,400 to 1,17,24,150 shares as a result of the allotment, meaning new shares were issued by the company rather than purchased from the market. The promoter group also continues to hold 49,50,950 convertible warrants, unchanged by this transaction.
The preferential allotment increases promoter control to 58.28%, further consolidating their majority grip on the company. Existing minority shareholders are diluted by approximately 7.25% as new shares were issued to the promoter group, and there may be concerns about whether the allotment price was fair. The move signals promoter confidence in the business but reduces the free float available in the stock.