Desi Farms India Ltd reports 58% share acquisition by Sunil Shahi and PACs via preferential allotment

What Desi Farms India announced

Desi Farms India Ltd (formerly SER Industries Ltd) filed a Regulation 29(2) disclosure with BSE on 13 July 2026, reporting a substantial acquisition of its own shares by promoter Sunil Kumar Shahi and a group of persons acting in concert (PACs). The acquisition was executed through a preferential allotment of equity shares, 3 % compulsorily convertible non‑cumulative preference shares (CCPS) and 5 % compulsorily convertible debentures (CCD) dated 4‑7‑2026, 7‑7‑2026 and 9‑7‑2026 respectively.

"The acquirer group now holds 1,99,48,815 shares, representing 59.77 % of total share capital and 48.39 % of diluted voting capital."

The filing confirms that the transaction complies with the Substantial Acquisition of Shares & Takeovers (SAST) Regulations, 2011, and provides a detailed breakdown of pre‑ and post‑acquisition holdings.

Details of the preferential allotment

The securities were issued on a preferential allotment basis, meaning they were offered to a select group of investors rather than the public. The key features are:

• Equity Shares: Face value INR 10 each.
• 3 % CCPS: Face value INR 10 each, compulsorily convertible into equity at a 1:1 ratio. Conversion window is between 1 month and 12 months from the issue date, at the Board’s discretion.
• 5 % CCD: Face value INR 10 each, compulsorily convertible into equity at a 1:1 ratio. Conversion window is between 1 month and 15 months from the issue date, at the Board’s discretion.

The date of acquisition recorded in the filing is 09‑07‑2026, which aligns with the last allotment date. The total number of securities allotted amounts to 1,94,01,600 shares, representing 58.10 % of the total share capital and 47.06 % of the diluted share capital.

Shareholding pattern before and after

*The PACs’ holdings arise from CCPS and CCD conversions; individual amounts range from 2,000 to 120,000 shares.

Equity share capital rose from 98,95,900 shares before the transaction to 3,28,14,180 shares after the allotment. When accounting for potential conversion of all convertible securities, the diluted share capital stands at 4,12,28,736 shares.

Key facts at a glance

Why this matters for investors

The disclosure signals a significant consolidation of ownership within Desi Farms India. By increasing the promoter’s stake to over 57 % and the broader acquirer group’s stake to nearly 60 %, the company’s control becomes more concentrated. This may affect future corporate governance decisions, dividend policy, and strategic direction, as the promoter now commands a clear majority.

From a capital structure perspective, the issuance of convertible preference shares and debentures expands the potentially dilutive securities pool. While the current diluted share count is 4.12 crore, full conversion of CCPS and CCD would further increase the equity base, potentially impacting earnings per share calculations.

Regulatory compliance is confirmed by the filing under SEBI’s takeover rules, meaning the transaction has been reported to the market in a timely manner. No immediate cash outflow is indicated for existing shareholders, as the acquisition was funded by the acquirer group.

Conclusion

Desi Farms India Ltd has completed a large‑scale preferential allotment that raised its equity base from roughly 1 crore to over 3 crore shares. The promoter Sunil Kumar Shahi now holds 57.6 % of voting capital, while the combined acquirer group controls 59.8 % of total shares. The filing satisfies SEBI’s disclosure requirements, but the ultimate impact on the company’s financial metrics will depend on the future conversion of the CCPS and CCD instruments.