Anupam Stock Broking gets 9.25% ACI Infocom warrant stake

Anupam Stock Broking Pvt Ltd acquired 4 crore fully convertible warrants in ACI Infocom Limited through a preferential allotment, representing 9.25% of the target’s post-issue fully diluted capital. The warrants were issued for cash at Rs 1.53 each, implying an aggregate issue value of Rs 6.12 crore at the stated price.

What did Anupam Stock Broking acquire from ACI Infocom?

Anupam Stock Broking acquired 4 crore fully convertible warrants in ACI Infocom, not equity shares carrying immediate voting rights. The Regulation 29(1) disclosure records the holding as 9.25% of ACI Infocom’s total diluted share or voting capital after the preferential issue.

The filing identifies Anupam Stock Broking as a non-promoter acquirer and identifies ACI Infocom as the target company. The form does not report a percentage for the acquirer against ACI Infocom’s current equity share capital, but reports 9.25% against fully diluted capital, which includes shares that could arise on warrant conversion.

The acquisition followed allotments made by ACI Infocom on October 24, 2026 and October 29, 2026. Anupam Stock Broking’s covering letter says it acquired the 4 crore warrants on those two dates, but does not state how many warrants were allotted to it on each date.

The disclosure shows no reported shares carrying voting rights, encumbrances or voting rights otherwise than through shares for Anupam Stock Broking. Its disclosed instrument holding after the transaction is the 4 crore fully convertible warrants, and the mode of acquisition is listed as preferential allotment.

How did the preferential issue change ACI Infocom’s capital?

ACI Infocom’s stated equity share capital increased to 14.24909 crore equity shares after the acquisition from 11.04909 crore equity shares before it. The change was 3.20 crore equity shares, matching the company’s stated allotment of 3.20 crore equity shares on October 24, 2026.

The larger fully diluted figure reflects warrants in addition to the 3.20 crore newly allotted equity shares. ACI Infocom said it allotted 20.70 crore fully convertible warrants on October 24, 2026 and another 8.28 crore on October 29, 2026, for a combined 28.98 crore warrants.

ACI Infocom reported total diluted share and voting capital of 43.22909 crore equity shares after the acquisition. The difference between that figure and the reported post-acquisition equity capital of 14.24909 crore shares is 28.98 crore shares, equal to the total warrants disclosed across the two October 2026 allotments.

This comparison indicates that ACI Infocom’s fully diluted capital assumes conversion of the 28.98 crore warrants issued on October 24 and October 29, 2026. The filing does not state that all warrants have already converted, and its reported current equity share capital remains 14.24909 crore equity shares.

What are the terms and value of the ACI Infocom warrants?

Anupam Stock Broking’s warrants were issued for cash at Rs 1.53 each, including a premium of Rs 0.53 per warrant over a face value of Rs 1 each. The filing describes them as fully convertible warrants but does not provide a different conversion price or conversion ratio.

Multiplying the disclosed 4 crore warrants by the issue price of Rs 1.53 gives an aggregate issue value of Rs 6.12 crore. This is a calculation based on the disclosed number of warrants and price; the filing does not separately state the amount paid at allotment by Anupam Stock Broking.

The disclosure does not set out a conversion deadline, redemption date, exercise process, lock-in period or payment instalment schedule for the warrants. It only specifies cash consideration, a Rs 1 face value and a Rs 0.53 premium within the Rs 1.53 issue price.

ACI Infocom’s total preferential issue included 28.98 crore warrants, of which Anupam Stock Broking received 4 crore. On the disclosed fully diluted base of 43.22909 crore equity shares, those 4 crore potential shares correspond to the stated 9.25% holding.

When were Anupam Stock Broking’s warrants allotted?

Anupam Stock Broking’s covering letter states that ACI Infocom made allotments on October 24, 2026 and October 29, 2026. It says the 4 crore warrants were acquired on those dates pursuant to ACI Infocom’s preferential allotment, without allocating the holding between the two dates.

The detailed acquisition table contains a conflicting date. It records October 29, 2024 as the date of acquisition or receipt of intimation of allotment, while the covering letter is dated October 29, 2026 and the signature page is dated October 30, 2026.

The filing therefore contains both a 2024 table entry and multiple 2026 references. The stated October 24 and October 29, 2026 allotment dates are also consistent with the 20.70 crore and 8.28 crore warrant allotments described in the covering letter.

No explanation for the October 29, 2024 entry appears in the disclosure. A clarification by the acquirer or ACI Infocom would be needed to determine whether the detailed table contains a clerical date error.

What does the takeover-regulation disclosure say about the acquirer?

Anupam Stock Broking submitted the disclosure under Regulation 29(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The form identifies ACI Infocom as listed on BSE Limited, while the disclosure letter was addressed to the National Stock Exchange of India Limited.

The filing states that Anupam Stock Broking does not belong to ACI Infocom’s promoter or promoter group. Mrs. Kunjal Arvind Gala, identified as Executive Director, signed the disclosure on behalf of Anupam Stock Broking, with the signature page dated October 30, 2026.

The acquirer-and-persons-acting-in-concert field lists Anupam Stock Broking, but the filing does not name an additional person acting in concert. The disclosure also does not report any pre-acquisition shareholding, encumbrance, voting right or convertible-instrument balance for the acquirer.

The post-acquisition reporting distinguishes the 4 crore warrants from equity shares with voting rights. That distinction matters because the reported 9.25% is explicitly a fully diluted percentage, based on ACI Infocom’s stated 43.22909 crore diluted share and voting capital.

Conclusion

Anupam Stock Broking’s preferential allotment gives it 4 crore fully convertible warrants in ACI Infocom, equal to 9.25% of the stated fully diluted capital of 43.22909 crore equity shares. At Rs 1.53 per warrant, the disclosed issue price implies Rs 6.12 crore of aggregate value, within a wider issue comprising 3.20 crore equity shares and 28.98 crore warrants.

The next disclosed matter to watch is potential warrant conversion, because the 28.98 crore warrants account for the gap between ACI Infocom’s 14.24909 crore post-acquisition equity shares and its 43.22909 crore fully diluted share base. Clarification of the conflicting October 29, 2024 date and the October 2026 allotment dates would also resolve the filing’s stated date inconsistency.