Albula Investment Fund Ltd has significantly reduced its exposure in Ashapura Minechem Ltd , cutting its stake by nearly two percentage points through open market sales. As per disclosures filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the Mauritius-based fund sold 2,117,083 shares, bringing its total holding down to 3,339,934 shares or 3.4964% of the company’s voting capital as of August 05, 2026.

The divestment marks a strategic exit from a substantial position, with Albula’s ownership dropping from an initial 5.7126% (5,457,017 shares). The sales were executed across multiple trading windows in January, February, July, and August 2026 on the National Stock Exchange (NSE). The filing, transmitted to the Bombay Stock Exchange on August 05, 2026, indicates that Albula does not belong to the promoter group of Ashapura Minechem.

Shareholding Movement

The reduction in stake was achieved through a series of block trades and smaller sell-offs over several months. The most significant single-day sale occurred on February 18, 2026, when 335,000 shares were sold for ₹181,713,790.40. Another major tranche of 285,000 shares was offloaded on July 29, 2026, valued at ₹196,961,890.00. The final leg of this disclosure period saw the sale of 270,000 shares on August 05, 2026, for ₹197,109,130.00.

The total equity share capital of Ashapura Minechem remained unchanged at 95,526,098 shares during this period. The filing notes that the change in shareholding percentage is partly attributable to warrant conversions into equity shares that occurred in August 2024, though the primary driver of the recent decline is the active selling by Albula.

Trading Activity Breakdown

The sales were executed through various trading members, including MIB Securities India Pvt. Ltd., Antique Stock Broking Ltd, and Incred Capital Wealth Portfolio Managers Private Limited. The earliest trades referenced in the annexure date back to September 2022, but the bulk of the recent reduction happened in early 2026.

• January 2026: Four small sell-offs totaling 40,000 shares were executed via MIB Securities India Pvt. Ltd.
• February 2026: A concentrated selling spree saw over 1.1 million shares sold, with values ranging from ₹6.35 crore to ₹181.71 crore per transaction.
• July–August 2026: The final phase included large block trades executed by Antique Stock Broking Ltd and Incred Capital Wealth Portfolio Managers Private Limited.

IQ EQ Fund Services (Mauritius) Ltd, acting as the Company Secretary for Albula Investment Fund Ltd, certified the disclosures. The fund holds no encumbered shares, warrants, or convertible securities in Ashapura Minechem following these transactions.

Ashapura Minechem Limited has initiated a postal ballot to seek shareholder approval for material related-party transactions (RPTs) with its overseas subsidiaries, Ashapura Holdings UAE FZE ('AHUF'), Ashapura Minex Resources SA ('Minex'), and Societe Guineenne Des Mines De Fer SA ('SGMF'). The proposed agreements, valued at an aggregate of ₹38,650 crore for FY27, aim to streamline mining, trading, and financing operations across the group’s international structure. Shareholders must cast their votes electronically by August 31, 2026, to ensure their positions are reflected in the final outcome. This process ensures compliance with SEBI Listing Regulations while facilitating transparent decision-making on cross-border group restructuring.

The Board of Directors appointed Mr. Virendra Bhatt, a Practicing Company Secretary based in Mumbai, as the Scrutinizer to oversee the remote e-voting process. In compliance with Section 108 and Section 110 of the Companies Act, 2013, read with Rule 20 and Rule 22 of the Companies (Management and Administration) Rules, 2014, the company conducted the voting exclusively through electronic means. Hard copies of the ballot forms were not dispatched, aligning with General Circular Nos. 14/2020, 17/2020, and 3/2025 issued by the Ministry of Corporate Affairs.

Key Voting Details

The postal ballot notice was emailed to members on July 31, 2026, targeting those registered in the Register of Members or Record of Depositories as of the cut-off date, Friday, July 24, 2026. Voting rights were calculated based on the paid-up equity share capital held by members on this specified date. Individuals not holding shares on July 24, 2026, were advised to treat the notice for informational purposes only.

Transaction Breakdown

The proposals involve two primary sets of transactions between AHUF and its step-down subsidiaries in Guinea. The first resolution seeks approval for RPTs between AHUF and Minex, valued up to ₹35,400 crore (₹3,54,000 Lakhs) during FY27. These transactions include sales of goods/materials/services (₹1,800 Lakhs), purchases (₹3,50,000 Lakhs), and interest income (₹2,200 Lakhs). The second resolution covers RPTs between AHUF and SGMF, valued up to ₹325 crore (₹32,500 Lakhs), involving similar operational and financial exchanges.

Regulatory Compliance and Disclosures

The proposal adheres to Regulation 44 and Regulation 23 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The materiality threshold for RPTs is set at 10% of the annual consolidated turnover, which was ₹5,237 crore for FY26, equating to ₹523.7 crore. Both proposed transaction values exceed this threshold significantly. The Postal Ballot Notice, along with the Explanatory Statement, is available on the company's website, www.ashapura.com , as well as on the websites of BSE Limited, National Stock Exchange of India Limited, and CDSL.

The results of the voting will be announced by Shri Hemul Shah, Executive Director & CEO, or in his absence, by Shri Sachin Polke, Company Secretary & Compliance Officer. The announcement is scheduled to take place on or before Wednesday, September 2, 2026, at the company's registered office in Mumbai. Promoters Chetan Shah and Himani Shah have indirect interests in the transactions through their shareholding in the company and directorship in AHUF.