The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Vandana Bang & Brijgopal Bang
THOMASCOTT · price
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Promoter Vandana Bang converted 6,25,000 warrants into equity shares of Thomas Scott (India) Limited on a preferential basis, increasing her direct holding to 17,00,000 shares (11.42% of paid-up capital). Combined with co-promoter Brijgopal Bang at 33,06,900 shares (22.21%) and other persons acting in concert holding 26,52,905 shares (17.82%), the total promoter group now holds roughly 51.45% of the company's equity. Before this conversion, the promoter group's fully diluted holding stood at 47.26%. The company's paid-up equity capital rose from Rs. 12.66 crore (1.26 crore shares) to Rs. 14.67 crore (1.46 crore shares) following the allotment.
This shows promoter commitment and increases insider control, but the promoter group crossing the 50% threshold via warrant conversion could attract SEBI open offer obligations under the takeover code unless an exemption applies. Shareholders should watch for any clarification on open offer requirements from the company.