In a recent update, Akshay S Pitti, a key figure in Pitti Engineering Limited, submitted a revised disclosure to both BSE and NSE concerning the Substantial Acquisition of Shares under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011. This submission, made on 19th March 2025, follows an earlier disclosure dated 12th December 2024 and 16th December 2024, which lacked certain necessary details related to the mode of sale. The update is significant as it corrects these discrepancies, ensuring full compliance with SEBI regulations.

The revised disclosure includes details of the acquisition and disposal of shares by Shri Sharad B Pitti, Shri Akshay S Pitti, and other related entities. Notably, Shri Sharad B Pitti, Shri Akshay S Pitti, and Pitti Electrical Equipment Private Limited are among the primary acquirers involved in the transaction, with their holdings clearly outlined in the updated disclosure. The document also specifies the shares encumbered (pledged) by the acquirers, offering a transparent overview of the voting rights and ownership stakes.

Before the acquisition under consideration, the cumulative holdings of the acquirers were 51.11% of the total shareholding, which includes shares held by Shri Sharad B Pitti (9.19%), Shri Akshay S Pitti (8.76%), and Pitti Electrical Equipment Private Limited (28.45%). After the acquisition, the total holding in the company has been updated to 56.28%, reflecting a 1.79% increase in ownership, as indicated by the 6,72,176 shares acquired by the parties involved.

The disclosure addresses both voting rights (VR) and encumbrances, highlighting the movements of shares within the acquirer group. The revised figures ensure accuracy and meet the SEBI requirements for substantial acquisitions, where companies and individuals must publicly disclose their stakes and acquisitions in a transparent manner.

As part of the formal process, Akshay S Pitti has requested BSE and NSE to acknowledge the receipt of the revised disclosures. This step is crucial for maintaining compliance with the regulatory framework governing share acquisitions in publicly listed companies. By doing so, the Pitti Engineering Group aims to foster transparency and ensure that all stakeholders are informed of significant changes in ownership and voting rights.

In conclusion, the revised disclosure serves as an important document that updates the market on the Pitti Engineering stock's ownership structure. With this submission, Akshay S Pitti and the associated parties have adhered to SEBI’s regulations while enhancing the visibility of their holdings in the company. Investors and stakeholders will find this document critical for understanding the current ownership dynamics of Pitti Engineering, as it reflects the ongoing commitment of the acquirers to comply with market regulations. This ensures that the company remains in full compliance with the rules governing public market transactions in India.

The Upcoming IPOs in this week and coming weeks are Arisinfra Solutions Limited, Grand Continental Hotels, Rapid Fleet Management Services, Active Infrastructures Limited, Desco Infratech Limited.

The Current active IPO are Paradeep Parivahan, Divine Hira Jewellers.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst