The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Jaimin Gupta & PACs
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Jaimin Kailash Gupta, along with Persons Acting in Concert (Tarachand Agrawal and Qmin Industries Limited), acquired an additional 1,51,571 equity shares (0.65%) of Aarvee Denims and Exports Limited on April 11, 2025 through an off-market transfer under a Share Purchase Agreement dated September 5, 2024 (with subsequent amendments). Post-acquisition, Jaimin Gupta's individual holding stands at 88,12,561 shares (37.57%), while the combined holding with PACs is 90,36,740 shares (38.52%) of the company's paid-up equity capital of 2,34,59,800 shares. The acquirer is currently not classified as a promoter but, upon completion of the transaction, will be classified as promoter and gain control over the Target Company along with the PACs. The acquirer and PACs have already complied with the SEBI (SAST) open offer requirements, including acquisition of 14,90,500 shares through the open offer route.
This filing signals an effective change of control at Aarvee Denims, with the new promoter group holding a substantial but sub-majority stake of 38.52%. Shareholders should note the transition of control and the new promoter entity, though the stake remains below 50%, meaning no absolute majority has been achieved. The transaction was part of a pre-announced SPA, so no surprise to the market is expected.