Mona Viral Shah, a promoter of Shah Metacorp Limited (formerly known as Gyscoal Alloys Limited), has disclosed a significant acquisition of equity shares through conversion of preferential warrants. The acquisition, disclosed on June 11, 2025, is in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

This regulation mandates that any person who acquires shares or voting rights amounting to 5% or more of the total share capital of a listed company must notify the exchanges and the company. The disclosure was sent to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), where Shah Metacorp is listed under Scrip Code: 533275 and Symbol: SHAH, respectively.

Key Acquisition Details

Mona Shah acquired 3,55,00,000 equity shares of face value ₹1 each. These shares were converted from warrants initially issued on 02 August 2024 on a preferential basis. Although the equity shares were allotted on 09 June 2025, they are yet to be credited to her demat account and the application is pending with the stock exchange.

Mode of Acquisition:

• Type: Preferential Allotment

• Instrument: Conversion of Warrants

• Date of Allotment: 09 June 2025

• Total Shares Acquired: 3,55,00,000

• Post-acquisition Stake: 16.48% of total voting capital

Shareholding Pattern Before and After

Before the acquisition:

• Shares held: 6,82,06,084

• Shareholding percentage: 11.48%

After the acquisition:

• Total shares held: 10,37,06,084

• Updated shareholding: 16.48%

This represents a 4.99% increase in shareholding, crossing the 5% threshold required for mandatory disclosure under SEBI Regulation 29(2).

Capital Structure Impact

• Total Voting Capital Before Acquisition: 59,38,78,676 shares

• Total Voting Capital After Acquisition: 62,93,78,676 shares

There is an increase of 3,55,00,000 shares in the total equity capital following this conversion. All newly issued shares carry voting rights equivalent to existing shares.

Promoter and Compliance Insight

Mona Shah, who resides at B/701, Shiromani Flats, Satellite, Ahmedabad, is an existing promoter of the company. Her PAN is APSPS1844P. Her acquisition, and the corresponding disclosure, demonstrates continued promoter interest and long-term commitment to Shah Metacorp’s growth trajectory.

By following proper regulatory procedures, including prompt disclosure under Regulation 29(2), Shah Metacorp and its promoters have shown compliance with SEBI’s corporate governance standards and transparency norms.

Market Significance

This development is important for investors and analysts for several reasons:

• It reflects promoter confidence in the company's prospects

• It impacts the shareholding pattern, potentially influencing voting outcomes in AGMs or EGMs

• It may trigger further investor interest, especially as warrant conversions generally indicate long-term holding intentions

Investors often view warrant conversions by promoters positively, as they reflect a commitment to increase exposure in the company through equity, not just trading instruments.

Regulatory Importance

The SEBI SAST Regulations aim to:

• Prevent undisclosed change in control of listed entities

• Ensure transparency in promoter activity

• Protect minority shareholders from dilution without proper notice

Disclosures like this help regulators and stakeholders track ownership changes, providing a clear audit trail of stake acquisitions and disposals.

Future Implications

Although the shares are yet to be credited, and application remains pending at the exchange, this acquisition will soon be reflected in the shareholding disclosures once the transaction is fully processed. Once done, Mona Shah will officially hold over 1,037 lakh shares, cementing her position as one of the major stakeholders.

Investors are advised to monitor further filings, especially regarding:

• Any additional preferential issues

• Voting outcomes in upcoming shareholder meetings

• Quarterly and annual reports to understand utilisation of funds raised through warrant conversions

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