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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Promoter Naveen Kumar Vanama has acquired 16,00,000 equity shares of Vega Jewellers Ltd by converting an equivalent number of convertible warrants held by him under a preferential allotment priced at Rs. 55 per share (Rs. 10 face value + Rs. 45 premium). Following the conversion, his direct equity holding has jumped to 17,69,450 shares representing 37.09% of voting capital, up from just 1,69,450 shares (35.30%) before the conversion. His remaining convertible warrants have come down to 16,00,625. Although his total underlying holding remains at 33,70,075 shares, his effective voting power has risen because the warrants (which had only diluted voting rights) are now equity shares with full voting rights. The total share capital of the company expanded significantly to Rs. 4.77 crore (47.70 lakh shares) post allotment.
This signals promoter confidence as the promoter is putting in fresh capital (Rs. 8.8 crore at issue price) and increasing voting control. Shareholders should view this positively as it shows the promoter is committed to the company's growth, though the promoter still remains well below the 50% majority threshold at 37.09%, leaving room for further promoter infusion or takeover.