Eriska Investment Fund Ltd has increased its stake in Ashapura Minechem to 7.2916% following the acquisition of nearly 2 million shares through open market transactions. The Mauritius-based fund bought 1,993,000 shares between August 11 and September 16, 2026, bringing its total holding to 6,965,345 shares.

The acquisition was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Eriska is not part of the promoter group of Ashapura Minechem. The fund executed all trades through SMIFS Limited, with no warrants, convertible securities, or encumbrances involved in the transaction.

Acquisition Details

Eriska’s holding rose from 5.2052% (4,972,345 shares) before the acquisition to 7.2916% post-transaction. The total equity share capital of Ashapura Minechem remained unchanged at 95,526,098 shares throughout the period.

Trade Timeline

The fund built its position gradually over six trading sessions in late August and early September 2026.

What the Numbers Show

The average purchase price per share varied across the six transactions, ranging from approximately ₹581 per share on August 28 to ₹647 per share on August 11. This suggests the fund accumulated shares at different price points rather than executing a single block trade, potentially indicating a strategy to minimize market impact while steadily increasing exposure.

Ashapura Minechem has recommended a final dividend of ₹2 per equity share for the financial year ended March 31, 2026. The Board of Directors approved the payout during its meeting on May 28, 2026. Shareholders on record as of September 22, 2026, will be eligible for the distribution, subject to approval at the ensuing Annual General Meeting.

Dividend Details

The company fixed Tuesday, September 22, 2026, as the record date to determine entitlement for the final dividend. Each equity share has a face value of ₹2. The payout is contingent upon shareholder ratification at the AGM.

Tax Deduction at Source

Dividends are taxable in the hands of shareholders under the Income Tax Act, 2025. The company will deduct tax at source (TDS) at prescribed rates plus applicable surcharge and cess. Resident individual shareholders with valid PAN details registered with their depository participant face a TDS rate of 10%. Those without valid PAN or unlinked Aadhaar face a 20% rate. No TDS is deducted if total dividend income remains below ₹10,000 in FY27 or if shareholders submit Form 121.

Non-resident shareholders are subject to a withholding tax of 20% unless they claim benefits under a Double Tax Avoidance Agreement (DTAA). To avail DTAA benefits, non-residents must submit a Tax Residency Certificate, Form 41, and other required documentation by the record date.

Shareholder Instructions

Shareholders must update their PAN, bank account details (including IFSC and MICR codes), and residential status in their demat accounts before September 22, 2026, to ensure seamless electronic payout. Tax exemption forms and supporting documents can be submitted via the RTA web portal or emailed to the company secretary by the record date. Incomplete submissions will result in higher TDS deductions.