South India Paper Mills Stake Rises to 18.46% Through Multiple Open-Market Acquisitions
South India Paper Mills Stake Increases to 18.46%
Kirit Natwarlal Modi and PAC increased their collective holding in South India Paper Mills Ltd. from 11,22,803 shares, representing 5.99%, to 34,61,690 shares, representing 18.46% of the company's voting capital.
The increase took place through multiple open-market acquisitions on BSE Limited between August 4, 2025, and March 2, 2026.
The acquisitions were made by Kirit Natwarlal Modi, Nandini Kirit Modi, Sachin Kirit Modi, Riddhi Sachin Modi, Rihaan Sachin Modi, Swapnil Kirit Modi, Bhuvi Swapnil Modi, Rigid Containers Private Limited, and Fortune Packaging LLP.
The disclosures were made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing also states that the acquirer/PAC does not belong to the promoter or promoter group of the company.
The development is significant because the group has substantially increased its shareholding in the company through a series of market purchases, taking its holding above 18% of the voting capital.
South India Paper Mills Stake Acquisition and Shareholding Details
Initial Holding: The group held 11,22,803 shares (5.99%) before the acquisitions covered in the disclosures.
August 4, 2025: The group acquired 3,79,300 shares, taking its holding to 15,02,103 shares (8.01%).
November 18, 2025: A further 7,61,644 shares were acquired, increasing the holding to 22,63,747 shares (12.07%).
November 28, 2025: The group acquired another 3,91,751 shares, taking its holding to 26,55,498 shares (14.16%).
December 24, 2025: A further 4,11,533 shares were acquired, increasing the holding to 30,67,031 shares (16.36%).
March 2, 2026: The final disclosed acquisition involved 3,94,659 shares, taking the group's holding to 34,61,690 shares (18.46%).
Mode of Acquisition: All the disclosed acquisitions were made through the open market.
Promoter Status: The filing states that the acquirer/PAC does not belong to the promoter or promoter group.
What to Watch Next
- Investors may monitor whether the group makes any further share purchases or changes its shareholding.
- They can track any future disclosures regarding the group's intentions or plans concerning its stake in the company.
- Investors may also monitor any additional filings under the SEBI SAST Regulations.
Disclaimer
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