Veteran investor Ashish R Kacholia, along with entities acting in concert, has increased his stake in Cosmic CRF Limited by acquiring 619,600 equity shares through a preferential allotment. The acquisition, which took place on March 10, 2025, raised their total holding in the company to 1,690,400 shares, representing 18.3986% of the post-preferential issue equity share capital. This disclosure was made to the stock exchanges on June 9, 2025.
| Particulars | Before Acquisition (Pre-Transaction on March 10, 2025) | Shares Acquired (On March 10, 2025) | After Acquisition (Post-Transaction on March 10, 2025) |
|---|---|---|---|
| No. of Equity Shares | 1,070,800 | 619,600 | 1,690,400 |
| % of Total Issued Capital* | 11.6548% | 6.7438% | 18.3986% |
| % of Total Diluted Capital** | 11.2684% | 6.5203% | 17.7887% |
| * Based on Cosmic CRF Ltd.'s total issued equity capital of 9,187,643 shares (face value Rs. 10 each) after the preferential allotment event of March 10, 2025. | |||
| ** Based on Cosmic CRF Ltd.'s total diluted equity capital of 9,502,643 shares (face value Rs. 10 each) after the preferential allotment event of March 10, 2025. | |||
Detailed Breakdown of the Transaction
The disclosure, filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, details the change in shareholding of Ashish R Kacholia and Persons Acting in Concert (PACs) in Cosmic CRF Limited. The PACs involved in this transaction are RBA Finance & Investment Company, Dar's Business Finance Private Limited, and Everest Finance & Investment Company. The acquirer, Ashish Kacholia, does not belong to the Promoter/Promoter group of Cosmic CRF Limited, which is listed on BSE Limited under the scrip symbol COSMICCRF.
The acquisition of 619,600 equity shares was executed via a preferential allotment on March 10, 2025. This transaction resulted in an increase of approximately 6.7438% in Kacholia's holding on an issued capital basis, and 6.5203% on a diluted capital basis, thereby crossing the 2% threshold that necessitates such a disclosure.
Impact on Shareholding Structure
Prior to this specific acquisition on March 10, 2025, Ashish Kacholia and the PACs held 1,070,800 equity shares in Cosmic CRF Limited. This represented 11.6548% of the company's total issued share capital and 11.2684% of its total diluted share capital at that point, reflecting the company's capital base immediately after the broader preferential issue but before these specific shares were added to Kacholia's tally.
Following the allotment of the additional 619,600 shares, their combined holding has increased to 1,690,400 equity shares. This new holding constitutes 18.3986% of Cosmic CRF's total issued equity capital and 17.7887% of its total diluted equity capital.
Context of Preferential Allotment and Capital Change
The acquisition by Ashish Kacholia was part of a larger preferential issue undertaken by Cosmic CRF Limited on March 10, 2025. Before this preferential issue, Cosmic CRF's total equity share capital stood at 8,198,000 shares, equivalent to Rs. 8,19,80,000 (at a face value of Rs. 10 per share). At that stage, Kacholia's holding of 1,070,800 shares represented 13.0617% of the then-existing capital.
The preferential allotment on March 10, 2025, led to an increase in the company's total issued equity capital. Post this allotment (which included the shares allotted to Kacholia and other parties), Cosmic CRF's total issued equity capital rose to 9,187,643 shares, aggregating to Rs. 9,18,76,430. This indicates that a total of 989,643 new shares were issued through the preferential allotment, out of which Kacholia and his PACs received 619,600 shares.
Company's Capital Structure Post-Transaction
As of March 10, 2025, after the said acquisition and the completion of the preferential allotment, Cosmic CRF Limited's financial structure is as follows:
- Total Issued Equity Capital: 9,187,643 equity shares of Rs. 10 each, amounting to Rs. 9,18,76,430.
- Total Diluted Equity Capital: 9,502,643 equity shares of Rs. 10 each, amounting to Rs. 9,50,26,430.
The difference between the issued and diluted capital (315,000 shares) suggests the existence of outstanding convertible securities or warrants that, if converted, would increase the total number of equity shares.
Regulatory Compliance
This disclosure was formally submitted by Ashish R Kacholia on June 9, 2025, in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These regulations mandate disclosures by persons who, along with PACs, hold 5% or more in a company and subsequently acquire or dispose of shares representing 2% or more of the company's voting rights. Such disclosures are crucial for maintaining transparency in the securities market, allowing other investors and stakeholders to be aware of significant changes in shareholding patterns of listed companies.
Preferential allotments are a common method for companies to raise capital from a select group of investors. For investors like Ashish Kacholia, it provides an opportunity to increase their stake in companies they find promising. The increase in holding by a notable investor is often watched by the market for insights into the company's prospects.
