The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Naveen Kumar Vanama
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Naveen Kumar Vanama, Promoter of Vega Jewellers Ltd (formerly PH Trading Limited, BSE: 512026), has acquired 16,00,625 equity shares through the conversion of an equivalent number of convertible warrants held by him. The conversion happened on 26 April 2025 via a preferential allotment route. Following this, his direct equity holding rose from 17,69,450 shares (37.09%) to 33,70,075 shares (35.56%), though the percentage dipped slightly because the company's total share capital nearly doubled from Rs. 4.77 crore (47.7 lakh shares) to Rs. 9.48 crore (94.77 lakh shares), meaning other warrant holders also converted. The disclosure is filed under SEBI's Takeover Regulations and Insider Trading Regulations.
This is a positive signal as the promoter is converting his warrants into actual equity, showing commitment and confidence in the company. However, his proportional stake has slightly diluted to 35.56%, meaning the company is no longer a 'majority promoter-owned' company, which could be relevant for control and governance considerations.