The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Pankaj Vasantbhai Shingala & PACs
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Pankaj Vasantbhai Shingala and his Persons Acting in Concert (PACs) have disclosed open market sales of Ultracab (India) shares spread across 12 tranches between 18 September 2023 and 26 December 2023. The promoter group's combined holding dropped sharply from 62.12% to 28.16% of total share capital, a reduction of nearly 34 percentage points. The total shares sold across all tranches amounted to approximately 3.24 crore shares. Each tranche sale ranged from about 1.96 lakh to 41.22 lakh shares, with individual transaction sizes of 2% to 4.3% of share capital. All sales were executed through the open market route on BSE.
This is a significant negative signal for retail investors — the promoter group has exited a large portion of their stake, taking holdings well below the 50% mark. Such large-scale insider selling often pressures the stock price and may indicate the promoters' need for liquidity or waning confidence in near-term prospects.