Electrosteel Castings saw its promoter group increase its equity stake by 5.00%, bringing total holding to 54.53% of the company's share capital. The acquisition, executed through Wilcox Merchants Pvt Ltd and other entities acting in concert, involved the purchase of 3,08,88,721 shares on the open market.

The disclosure was filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Prior to this transaction, the promoter group held 30,61,79,231 shares, representing 49.53% of the voting capital. The recent buying spree has pushed their aggregate holding to 33,70,67,952 shares.

Key Acquisition Details

The transaction was completed via open market acquisition, with the bulk of the purchases occurring on September 28 and September 29, 2026. The following table outlines the shift in shareholding structure:

Breakdown of Purchases

The 5.00% stake increase was distributed across multiple entities within the promoter group. Notable acquisitions include:

• Sri Mayank Kejriwal: Acquired 83,97,600 shares (1.36%) for ₹59,98,39,821, raising his individual stake to 2.99%.
• Smt Asha Kejriwal: Bought 55,94,400 shares (0.90%) for ₹39,99,19,433, increasing her holding to 1.20%.
• Wilcox Merchants Pvt Ltd: Purchased 48,25,000 shares (0.78%) for ₹34,54,02,001, lifting its stake to 1.30%.
• Tulsi Highrise Pvt Ltd: Added 31,63,250 shares (0.51%) for ₹22,96,68,184, taking its position to 1.22%.

Smaller tranches were also bought by Badrinath Industries (31,46,071 shares), Madhav Kejriwal (17,21,600 shares for ₹12,48,30,305), Nityangi Kejriwal Jaiswal (17,20,800 shares for ₹12,49,35,292), Priya Sakhi Kejriwal Mehta (17,20,000 shares for ₹12,49,06,502), and Electrosteel Thermal Coal Limited (6,00,000 shares).

What the Numbers Show

The data reveals a coordinated consolidation of control rather than a single-entity move. While Wilcox Merchants is the filing entity, individual promoters like Mayank Kejriwal and Asha Kejriwal accounted for nearly half of the total acquired volume (1,39,92,000 shares combined). This suggests a strategic effort by the core promoter family to strengthen their direct and indirect influence over the company’s voting rights, pushing their aggregate control comfortably above the 50% threshold.

Electrosteel Castings saw a significant reduction in institutional holding as Belgrave Investment Fund disposed of 2.89 crore shares representing 4.68% of the company's equity capital.

The sale, executed via the open market on September 28, 2026, reduced Belgrave's total shareholding to 4,899,666 shares or 0.79% of the total voting capital. The fund was classified as a non-promoter entity at the time of the transaction.

Disclosure details

The transaction was reported under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing confirms that the shares were sold without any encumbrances such as pledges or liens attached to them.

What the numbers show

The disposal represents a near-complete exit from the position, with Belgrave retaining less than 1% of the total diluted share capital. The total equity share capital of Electrosteel Castings remained unchanged at 618,184,591 shares before and after the sale, indicating no dilution occurred through new issuance during this period.