Aryaman Capital raises stake in Maximus International to 5.02%
- Aryaman Capital acquired 2,08,550 shares of Maximus International on September 10, 2026
- Total holding rose to 68,38,485 shares, representing a 5.02% stake
- The acquisition was made through open market transactions
- Aryaman Capital is not part of the promoter group

*this image is generated using AI for illustrative purposes only.
Aryaman Capital Markets Limited acquired 2,08,550 shares of Maximus International through an open market purchase on September 10, 2026. The transaction increased the firm’s total holding in the Vadodara-based engineering and infrastructure services provider to 68,38,485 shares.
This acquisition represents a 0.15% increase in Aryaman Capital’s stake, bringing its total voting rights to 5.02% of the company’s total diluted share capital. The purchase was disclosed under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Holding Structure
Prior to this transaction, Aryaman Capital held 66,29,935 shares, which accounted for 4.87% of Maximus International’s voting capital. The firm confirmed that it does not belong to the promoter or promoter group of the target company. All shares acquired and held carry voting rights, with no encumbrances such as pledges or liens reported in the disclosure.
| Metric | Before Acquisition | Acquisition | After Acquisition |
|---|---|---|---|
| Shares Held | 66,29,935 | 2,08,550 | 68,38,485 |
| Voting Rights (%) | 4.87% | 0.15% | 5.02% |
Regulatory Disclosure
Reenal Khandelwal, Company Secretary and Compliance Officer at Aryaman Capital Markets Limited, submitted the disclosure to the BSE Limited. The filing confirms that the shares were purchased via open market transactions on September 10, 2026. The total equity share capital of Maximus International remains unchanged at 68,38,485 shares post-acquisition, indicating no new issuance of capital during this period.
Historical Stock Returns for Maximus International
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.27% | -0.68% | +2.73% | +60.81% | +27.06% | 0.0% |
Will Aryaman Capital's stake crossing the 5% threshold trigger additional regulatory disclosure requirements or open the door for a potential tender offer under SEBI takeover regulations?
How might this increased institutional interest impact Maximus International's stock liquidity and valuation multiples in the near term?
Does this accumulation signal confidence in Maximus International's upcoming infrastructure project pipeline or earnings guidance for the fiscal year?


































