Liqvd Digital Sees 9.23% Fund Stake Shift in 2026

Liqvd Digital India Ltd reported a series of shareholding disclosures in October 2026 that changed the identity of a major non-promoter investor. India Max Investment Fund Limited acquired shares through open-market purchases, taking its holding to 20,54,000 shares, or 9.23% of the company’s paid-up equity capital. Separately, Rajasthan Global Securities Private Limited sold a large part of its earlier IPO allotment and reduced its holding to 3.31%.

The disclosures matter because both entities held, or came to hold, stakes above the threshold requiring disclosure under the Securities and Exchange Board of India’s Substantial Acquisition of Shares and Takeovers Regulations, 2011. Liqvd Digital’s shares are listed on the BSE SME platform. The transactions did not involve the promoter group and did not change the company’s reported equity share capital.

India Max Builds a 9.23% Holding

India Max Investment Fund bought an additional 7,04,000 equity shares of Liqvd Digital through the open market on October 19, 2026. Following that purchase, its aggregate holding rose to 20,54,000 shares, representing 9.23% of paid-up equity capital. The fund had purchased 13,50,000 shares, or 6.06%, through the open market on October 16, 2026.

The two transactions together made India Max a significant non-promoter shareholder within a short period. The disclosures state that India Max Investment Fund is not part of Liqvd Digital’s promoter or promoter group. The shares involved carry a face value of ₹5 each.

Rajasthan Global Cuts Its Earlier IPO Position

Rajasthan Global Securities had initially acquired 20,54,000 shares, equivalent to 9.23%, through an IPO allotment on September 29, 2026. It did not hold any shares or voting rights in Liqvd Digital before that allotment. The acquisition was disclosed under Regulation 29(1) of the SEBI SAST Regulations.

On October 16, Rajasthan Global sold 13,16,000 shares through open-market transactions. The sale represented 5.91% of Liqvd Digital’s equity share capital and reduced the investor’s stake from 9.23% to 3.31%. Its remaining holding stood at 7,38,000 shares after the disposal.

Transaction Snapshot

How the Shareholding Changes Fit Together

The reported transactions show a shift in institutional ownership rather than an alteration in promoter control. Rajasthan Global entered the company through the IPO allotment with a 9.23% stake, but sold most of that position around two weeks later. India Max subsequently built a 9.23% holding through two open-market purchases dated October 16 and October 19.

Some shareholding information in the supplied records lists Rajasthan Global Securities at 9.23% as of October 24, 2026. However, the later Regulation 29(2) disclosure specifically states that Rajasthan Global’s holding fell to 3.31% following its October 16 sale. The transaction-specific disclosure therefore records the post-sale position for Rajasthan Global, while India Max’s post-purchase stake was 9.23%.

Equity Capital Remains Unchanged

Liqvd Digital’s total equity share capital was reported at 2,22,63,177 equity shares of ₹5 each. Its paid-up equity capital stood at ₹11,13,15,885. The disclosures state that there were no outstanding convertible securities or warrants that could dilute the voting capital.

As a result, the company’s diluted share capital matched its listed equity capital of 2,22,63,177 shares. Neither the India Max purchases nor Rajasthan Global’s sale changed the number of shares outstanding. They were secondary market transactions between investors.

Regulatory Disclosures Under SEBI Rules

The transactions were disclosed under Regulation 29 of the SEBI SAST Regulations, 2011. Regulation 29(1) applies to acquisitions crossing prescribed shareholding levels, while Regulation 29(2) covers changes in holdings after a person already holds shares beyond the relevant threshold.

Rajasthan Global’s IPO allotment was disclosed as an acquisition under Regulation 29(1). Its subsequent sale was disclosed under Regulation 29(2), as the disposal took its shareholding below 5%. India Max’s acquisition disclosures similarly documented its open-market purchases and its resulting 9.23% position.

Business Context: AdLift Acquisition and IPO Plans

Liqvd Digital has expanded its service offering following the acquisition of a 77% stake in AdLift Marketing in April 2025. The acquisition added performance monitoring, search engine optimisation and AI-driven content creation capabilities to the agency’s stated offering. The company has positioned these services as part of an integrated marketing-services platform.

The supplied company information also referred to plans for an initial public offer comprising a fresh issue of ₹37 crore and an offer for sale of 10,54,400 equity shares with a face value of ₹5 each. The October 2026 disclosures identify the company’s shares as listed on the BSE SME platform and refer to IPO allotments made on September 29, 2026.

What the Disclosures Mean for Investors

The disclosures provide a clear record of ownership changes among non-promoter investors. Rajasthan Global’s reduction from 9.23% to 3.31% indicates that it no longer held a stake above the 5% disclosure threshold after October 16. India Max’s purchases, meanwhile, resulted in a 9.23% stake and placed it among the company’s reported substantial non-promoter shareholders.

The available information does not indicate any transfer of control, change in promoter ownership, issue of new shares, encumbrance, warrants or convertible instruments linked to these trades. Investors tracking Liqvd Digital can therefore distinguish between changes in secondary-market ownership and changes in the company’s capital structure.

Conclusion

Liqvd Digital’s October disclosures record a substantial institutional shareholding shift, with India Max Investment Fund reaching 9.23% through open-market purchases and Rajasthan Global Securities reducing its stake to 3.31% after an open-market sale. The company’s equity capital remained unchanged at 2,22,63,177 shares. Further shareholding updates will depend on subsequent exchange disclosures and periodic filings by the company and its investors.