Assets Care & Reconstruction Enterprise Limited (ACRE) has reduced its stake in Visa Chrome by 4.63%, selling 67,55,253 equity shares in the open market on August 27, 2026.

The disposal brings ACRE’s total holding in the company down to 38,08,646 shares, representing 2.61% of the total voting capital and 2.30% of the diluted voting capital. ACRE, acting as trustee for multiple trusts including ACRE-32-Trust and ACRE-90-Trust, made the disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Details

The sale occurred in the open market, with no warrants or convertible securities involved. Prior to this transaction, ACRE held 1,05,63,899 shares, constituting 7.25% of the voting capital. None of the shares held by ACRE were encumbered or pledged before or after the transaction.

Visa Chrome’s total equity share capital remains unchanged at ₹1,45,78,95,000, comprising 14,57,89,500 equity shares of face value ₹10 each. The total diluted share capital stands at ₹1,65,78,95,000.

What the Numbers Show

ACRE’s stake reduction is significant enough to drop its holding below the 5% threshold often associated with substantial acquisition disclosures. The move reduces its voting power from 7.25% to 2.61%, indicating a continued exit strategy by the reconstruction enterprise for the benefit of security receipt holders.

Al Maha Investment Fund PCC-Onyx Strategy has disclosed the acquisition of a substantial stake in Visa Chrome Limited, formerly known as Visa Steel Limited. The Mauritius-based fund purchased 7,894,000 equity shares carrying voting rights on August 17, 2026, through open market transactions. This acquisition brings the fund's total holding to 5.4146% of the company's equity share capital and 4.7615% of its fully diluted capital.

Acquisition details

The disclosure was filed under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The fund confirmed that it held no prior interest in the company before this transaction. The shares acquired are standard equity shares with no conversion or redemption terms applicable.

Capital structure context

Visa Chrome Limited has a total equity share capital of 14,57,90,000 shares. The fully diluted share capital, which includes outstanding warrants and convertible securities, stands at 165,789,500 shares. The difference between the two percentages (5.4146% vs 4.7615%) highlights the dilution impact of these potential future issuances on the acquirer's effective ownership stake.

What the Numbers Show

The divergence between the percentage of voting capital (5.4146%) and fully diluted capital (4.7615%) indicates that approximately 13% of the fully diluted base consists of instruments other than current equity shares. For an investor holding a block of this size, the dilution from convertible securities could reduce their proportional influence if all warrants are exercised, a factor to monitor in subsequent filings regarding the company's capital structure changes.