Kaya: Plutus Investments stake reaches 23.01% after issue

Kaya Limited said Plutus Investments India Private Limited and its person acting in concert received 18,24,150 equity shares in a preferential allotment on October 30, 2026, raising their combined voting-capital holding from 13.76% to 23.01%. Their holding rose to 39,14,218 shares after Kaya expanded its issued equity base.

How did Kaya's shareholding change after the allotment?

Plutus Investments and its person acting in concert, or PAC, increased their combined Kaya holding by 18,24,150 shares, taking it from 20,90,068 shares to 39,14,218 shares. The combined stake rose by 9.25 percentage points on Kaya's voting capital, from 13.76% before the preferential allotment to 23.01% after it.

The change was measured against a larger equity base because Kaya issued the new shares rather than recording an open-market transfer. Before the acquisition, the 20,90,068 shares represented 13.30% of Kaya's diluted share and voting capital. After the issue, the 39,14,218 shares represented 22.31% of diluted capital, 0.70 percentage points below the 23.01% stake on issued voting capital.

Who received the Kaya shares in the preferential allotment?

Plutus Investments received 9,79,141 Kaya shares and the PAC received 8,45,009 shares in the October 30, 2026 preferential allotment. These two allotments totalled 18,24,150 shares, with Plutus Investments accounting for 5.76% and the PAC for 4.97% of Kaya's pre-diluted voting-capital measure stated for the acquisition.

Plutus Investments had no Kaya voting shares before the transaction, according to the disclosure. Following the issue, it held 9,79,141 shares, equal to 5.76% of post-acquisition voting capital and 5.58% on a diluted basis. The PAC's holding increased from 20,90,068 shares to 29,35,077 shares, equal to 17.25% of voting capital and 16.73% on a diluted basis.

The filing identifies Plutus Investments as a non-promoter acquirer. It records no shares held through encumbrances, no voting rights other than equity shares, and no warrants, convertible securities or other instruments that could give Plutus Investments or the PAC additional Kaya voting rights.

How much did Kaya's equity capital expand?

Kaya's issued equity share capital increased by 18,24,150 fully paid equity shares, from 1,51,87,609 shares before the allotment to 1,70,11,759 shares afterward. Each share has a face value of Rs 10, and the stated voting-capital increase matches the number of shares allotted to Plutus Investments and the PAC.

In nominal terms, Kaya's equity share capital rose from Rs 15.19 crore to Rs 17.01 crore, an increase of Rs 1.82 crore. The 23.01% post-acquisition stake is therefore calculated on 1,70,11,759 issued shares, rather than on the pre-allotment base of 1,51,87,609 shares.

What does Kaya's diluted share capital mean?

Kaya reported total diluted share and voting capital of 1,75,43,936 shares, or Rs 17.54 crore, after the acquisition. The filing defines diluted capital as the number of shares that would exist assuming full conversion of outstanding convertible securities or warrants into equity shares.

The diluted total exceeded Kaya's issued post-allotment share count of 1,70,11,759 by 5,32,177 shares. That additional potential share base reduces Plutus Investments and the PAC's stated holding from 23.01% of current voting capital to 22.31% of diluted voting capital.

Neither Plutus Investments nor the PAC disclosed any convertible securities or warrants in its own holding. The group's 39,14,218-share position therefore consists of equity shares carrying voting rights, while the filing separately reports Kaya's larger diluted capital base.

When and how did Plutus Investments acquire Kaya shares?

Plutus Investments acquired the Kaya shares through a preferential allotment dated October 30, 2026. The disclosure was submitted on November 3, 2026 under Regulation 29(1) of the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Regulations, 2011.

The filing distinguishes the transaction from an open-market purchase by expressly naming preferential allotment as the acquisition mode. It does not disclose an allotment price, the amount paid, the purpose of Kaya's capital raising, or a further acquisition plan by Plutus Investments or the PAC.

Kaya is listed on the National Stock Exchange of India Limited and BSE Limited, according to the disclosure. The filing marks the salient features of the acquired securities as not applicable, consistent with the reported acquisition of fully paid equity shares rather than instruments with a conversion ratio or redemption date.

Conclusion

Kaya's preferential allotment added 18,24,150 shares to its issued capital and increased Plutus Investments and the PAC's combined holding to 39,14,218 shares. The transaction changed the group's voting-capital stake from 13.76% to 23.01%, while the fully diluted measure was 22.31% because Kaya reported 5,32,177 potential shares beyond its issued post-allotment capital.

The disclosed item to watch next is Kaya's outstanding convertible securities or warrants underlying the 1,75,43,936-share diluted capital figure. The November 3, 2026 filing provides no conversion timetable, allotment price, capital-use plan or additional acquisition target for Plutus Investments and the PAC.