Kuber Udyog allotment gives Bahri 31.98% voting stake

Kuber Udyog Limited allotted 3.81425 crore equity shares to Manav Bahri through a preferential allotment on October 28, 2026, taking his voting stake from nil to 31.98%. Bahri, who is not in the promoter or promoter group, also acquired 4.50 lakh warrants, bringing his aggregate disclosed holding to 32.36% of current capital.

How did Manav Bahri obtain his Kuber Udyog stake?

Manav Bahri obtained the stake through a preferential allotment on October 28, 2026, rather than through an open-market purchase, rights issue or inter-se transfer. The disclosure under Regulation 29(1) of the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Regulations, 2011 identifies Bahri as the acquirer and records no persons acting in concert with him.

Before the allotment, Bahri held no Kuber Udyog equity shares with voting rights, warrants, convertible securities or encumbered shares. After the transaction, he held 3,81,42,500 equity shares carrying voting rights. The filing classifies him as a non-promoter and non-promoter-group acquirer, while Kuber Udyog shares are listed on BSE Limited.

The allotted equity shares rank pari passu, meaning equally, with Kuber Udyog’s existing equity shares in all respects, including dividends. The disclosure does not state an issue price, total consideration paid by Bahri or the company’s intended use of proceeds; it reports the allotment date, security quantities, ownership percentages and capital structure.

What percentage of Kuber Udyog does Bahri hold now?

Bahri holds 31.98% of Kuber Udyog’s post-allotment voting capital through 3,81,42,500 equity shares, out of 11,92,68,000 outstanding equity shares. This is the current voting-share percentage reported in the filing because the equity shares were allotted on October 28, 2026 and carry voting rights.

He also holds 4,50,000 warrants, equal to 0.38% of current share or voting capital. Including those warrants, his reported holding totals 3,85,92,500 securities, or 32.36% of current capital. The filing records nil voting rights otherwise than through equity shares and nil encumbrances, including pledges, liens and non-disposal undertakings.

The difference between the 32.36% current-capital figure and the 31.38% fully diluted figure reflects the larger denominator used in the latter measure. Kuber Udyog defines diluted share or voting capital as the total number of shares assuming full conversion of outstanding convertible securities and warrants into equity shares. The disclosure does not provide a conversion timetable or exercise terms for Bahri’s 4,50,000 warrants.

How much did Kuber Udyog’s equity capital increase?

Kuber Udyog’s equity share capital increased to Rs 119.268 crore, divided into 11.9268 crore equity shares of Rs 10 each, after the October 28, 2026 allotment. Before the transaction, its equity share capital stood at Rs 3.4333 crore, divided into 34.33 lakh equity shares of Rs 10 each.

The outstanding equity-share count therefore rose by 11.5835 crore shares between the pre-allotment and post-allotment capital figures. Bahri’s 3.81425 crore equity shares represent part of that increase, but the Regulation 29 disclosure does not identify the allottees or quantities comprising the remainder. It establishes Bahri’s post-issue stake without detailing the full preferential-issue recipient list.

On a fully diluted basis after the acquisition, Kuber Udyog reported share and voting capital of Rs 122.968 crore, divided into 12.2968 crore equity shares of Rs 10 each. This is 37 lakh shares above the 11.9268 crore outstanding equity shares reported immediately after the allotment, representing the potential dilution included in the filing’s diluted-capital calculation.

Why do the current and diluted ownership figures differ?

Bahri’s current voting stake is 31.98%, while his fully diluted voting stake is 31.02%, because assumed conversion of all outstanding convertible securities and warrants would increase Kuber Udyog’s share count. The filing uses 11.9268 crore equity shares for current capital and 12.2968 crore equity shares for the fully diluted calculation, a difference of 37 lakh shares.

The same denominator effect applies to Bahri’s warrants. Their 4,50,000 quantity represents 0.38% of current capital but 0.37% of fully diluted capital, while his combined equity-and-warrant holding is reported as 32.36% and 31.38%, respectively. These percentages use two capital-base assumptions and do not state that the warrants have already converted into equity shares.

The filing separately identifies voting shares and instruments that can entitle the holder to receive voting shares. Bahri’s 3.81425 crore equity shares produce the 31.98% voting-rights figure, whereas the 4.50 lakh warrants are included in his aggregate disclosed holding. No redemption date, conversion ratio or other warrant terms are provided beyond their capacity to entitle the holder to receive shares carrying voting rights.

Conclusion

The preferential allotment changed Kuber Udyog’s reported ownership structure by taking Bahri from no holding to 31.98% of current voting capital on October 28, 2026. His additional 4.50 lakh warrants bring the disclosed aggregate interest to 32.36% on the current-capital basis, while the fully diluted measure reduces that aggregate percentage to 31.38% because it assumes all outstanding convertible instruments become shares.

The next item to watch is the treatment of the 37 lakh-share gap between Kuber Udyog’s 11.9268 crore outstanding shares and its 12.2968 crore fully diluted shares. The filing confirms that outstanding warrants or convertible securities underpin that difference, but it does not disclose their conversion timing, ratios or the issue terms for Bahri’s warrants.