Aikyam Sampati Management LLP, a limited liability partnership firm headquartered in Rajkot, Gujarat, has formally announced a major acquisition in Shilp Gravures Limited, a publicly listed company. In compliance with Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the LLP has disclosed that it has agreed to acquire a 60.75% stake in the target company. This acquisition amounts to 37,36,207 equity shares, significantly altering the control and shareholding pattern of Shilp Gravures Ltd.

Breakdown of the Acquisition

The acquisition of shares was executed through a Share Purchase Agreement (SPA) dated 12th December 2024, signed between the acquirers and a broad list of both domestic and foreign shareholders of Shilp Gravures Ltd. The official transaction date as per the SEBI-mandated disclosure is June 4, 2025.

The acquirers in this transaction include:

• Aikyam Sampati Management LLP – Acquiring 37,31,207 shares

• Mr. Pranav Chandrakant Bhalara – Acquiring 5,000 shares

This brings the combined acquisition to 37,36,207 equity shares, representing 60.75% of the total paid-up equity share capital of the target company.

Pre-Acquisition Shareholding Pattern

Before this acquisition:

• Aikyam Sampati LLP and its persons acting in concert (PAC) already held 26,61,624 shares, constituting 43.28% of the shareholding.

• With the acquisition of 650 additional shares on June 4, 2025, the total shareholding of the acquirer group stands at 26,62,274 shares, i.e., 43.29% of the total issued and paid-up equity capital.

These shares were acquired off-market, as per the terms agreed in the SPA.

SPA-Based Acquisition of 60.75% Stake

In addition to the 650 shares recently acquired and disclosed under Regulation 29(1), the larger bulk of the 37,36,207 equity shares was committed via the SPA, which includes:

• Domestic Shareholders – 21 individual/family entities

• Foreign Shareholders – 4 entities contributing over 25% of the total stake

Notable large sellers include:

• Baldev Vitthaldas Patel, who sold 7,70,756 shares, accounting for 12.53% of the company’s share capital.

• Dasratbhai, Sumanbhai, and Vishnubhai Vithaldas Patel, each selling 3,33,228 shares (5.42% each).

• Gajanan Vamanrao Bhavsar and Sangita Gajanan Bhavsar, with 3,09,410 shares sold (5.03%).

The cumulative stake sold by these shareholders totals 37,36,207 shares, effectively transferring majority control to the acquirers.

Compliance with SEBI SAST Regulations

The acquisition falls under the trigger point of SEBI SAST Regulation 29(1), which requires acquirers to disclose changes in shareholding when it crosses certain thresholds.

As the acquirers collectively crossed the 25% threshold, and later acquired more shares breaching the 51% controlling stake, this required timely disclosures to the exchange and relevant regulators.

Furthermore, the disclosures also confirm:

• The acquisition is not encumbered (no pledges or liens).

• The transaction is purely equity-based, with no convertible instruments involved.

• The mode of acquisition is off-market, i.e., not through public offers or market trades.

Updated Promoter Status

The disclosure clarifies that Aikyam Sampati Management LLP became the promoter of Shilp Gravures Ltd as a direct consequence of this acquisition, with this change officially effective from May 23, 2025, prior to the final leg of the transaction on June 4, 2025.

Financial & Structural Implications

With over 60% of the company now held by a single acquirer group, this changes the landscape for Shilp Gravures Ltd in the following ways:

• Board Reconstitution: Likely reappointment or changes in Board of Directors to reflect promoter representation.

• Voting Power Consolidation: Enables easier decision-making on corporate strategies, fundraising, M&A, and operational pivots.

• Future Offer/Exit Triggers: This level of acquisition may possibly trigger open offer requirements under Regulation 3 and 4 of SEBI SAST if not already complied with.

• Public Shareholding: With 60.75% now under acquirer control, Shilp Gravures will need to maintain minimum 25% public float, as required by SEBI listing norms. Depending on the post-deal float, steps may be needed to restore compliance.

Company Backgrounds

Shilp Gravures Limited is a listed company known for its work in the gravure cylinder and flexible packaging industry. It holds strong market presence across India and abroad.

Aikyam Sampati Management LLP is a Rajkot-based investment management LLP. Though previously less known in the M&A space, this deal places it firmly in the spotlight as a strategic investor or promoter group seeking long-term influence in the packaging and printing industry.

Regulatory Documentation & Attachments

In compliance with SEBI requirements, the filing includes:

• Annexure-A: Detailed list of acquirers and sellers, with the exact number of shares and shareholding percentage breakdowns.

• Annexure-B: A filled-in Part-A format disclosure under Regulation 29(1) of SEBI (SAST) Regulations.

These documents were submitted to BSE Limited on June 5, 2025, under the official communication from Pranav C. Bhalara, designated partner of Aikyam Sampati Management LLP.

Conclusion

This development marks a significant shift in the ownership structure of Shilp Gravures Limited, now controlled by Aikyam Sampati Management LLP, holding over 60.75% stake. The acquisition was compliant with SEBI’s disclosure norms and demonstrates a strong strategic intent by the LLP to establish itself in the industrial or manufacturing domain through this takeover.

Future regulatory steps—such as potential open offers, board changes, and statutory announcements—will now be closely watched by market participants and regulators alike. The transition also provides an interesting case study of a relatively lesser-known LLP acquiring majority control in a BSE-listed entity through an off-market transaction.

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