SMR Jewels Ltd saw a significant shift in its shareholding pattern as Craft Emerging Market Fund PCC acquired 8.88% of the company's equity. The fund, acting through three distinct sub-funds, purchased 1,656,000 shares carrying voting rights.

This acquisition marks the entry of the institutional investor into the BSE-listed jeweller. Prior to this transaction, the acquirer and persons acting in concert held no shares in the target company. The stake was built through a combination of allotment and open market purchases on June 5, 2026, and September 16, 2026.

Acquisition details and shareholding structure

The disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, highlights that the acquirer does not belong to the promoter or promoter group. The entities involved in the acquisition are:

• Craft Emerging Market Fund PCC - Citadel Capital Fund
• Craft Emerging Market Fund PCC - Elite Capital Fund
• Craft Emerging Market Fund PCC - Arbitrage Strategy Fund

The following table outlines the specific changes in the acquirer's holding:

Impact on capital structure

The total equity share capital and voting capital of SMR Jewels remained unchanged at 18,653,743 shares before and after the transaction. The diluted share capital also remains at 18,653,743. The acquisition did not involve any warrants, convertible securities, or other instruments that would entitle the acquirer to additional voting rights beyond the shares already acquired.

What the numbers show

The data reveals a concentrated entry by a single institutional entity across multiple fund vehicles. With no prior holding, the immediate acquisition of nearly 9% of the total share capital indicates a significant strategic or arbitrage position taken by Craft Emerging Market Fund PCC. The use of three separate sub-funds (Citadel, Elite, and Arbitrage Strategy) suggests a diversified internal strategy for managing this specific exposure within the broader fund structure.

SMR Jewels Limited held its eighth Annual General Meeting (AGM) on September 24, 2026, via video conferencing. The meeting resulted in the appointment of Virendra Ramanlal Soni as the new Director cum Chairman, marking a significant leadership update for the Ahmedabad-based jewellery firm.

The proceedings commenced at 11:00 am and concluded at 11:25 am. The company adopted the audited standalone financial statements for the financial year ended March 31, 2026. Additionally, shareholders approved the re-appointment of Jainil Virendra Soni as Whole Time Director, who was retiring by rotation.

Leadership and governance changes

A key resolution passed at the meeting involved the appointment of Virendra Ramanlal Soni as Director cum Chairman. The company disclosed that Mr. Soni brings extensive expertise in the gems and jewellery industry, with specialized experience in manufacturing operations, product range expansion, and wholesale network management.

The disclosure of relationships highlighted strong family ties within the board structure:

• Father of Jainil Virendra Soni (Whole Time Director) and Drashti Pal Modi (CFO).
• Uncle of Vismay Manojkumar Soni (Managing Director).
• Husband of Dipikaben Virendra Soni (Director).
• Brother-in-law of Parul Manoj Soni (Director).

Furthermore, the members approved the appointment of M/s. Govil Rathi & Associates, a practicing company secretary firm based in Ahmedabad, as the secretarial auditor for a period of five years, commencing from FY27 to FY31.

Meeting details and resolutions

The AGM was conducted in compliance with MCA and SEBI circulars regarding virtual meetings. All directors and key managerial personnel attended through video conferencing. The scrutinizer, Mr. Govil Rathi, was tasked with verifying the voting results, which were to be disseminated to stock exchanges within two working days.

No queries were raised by the members during the session. The company emphasized its commitment to preserving traditions since 1988 while focusing on strategic business growth under the new leadership structure.