Liqvd Digital India Ltd saw a significant increase in institutional ownership as India Max Investment Fund Limited acquired an additional 7,04,000 equity shares through open market purchases on October 19, 2026. This transaction pushes the fund's total holding to 20,54,000 shares, representing 9.23% of the company's paid-up equity capital.

The acquisition was executed via the open market, with the shares carrying a face value of ₹5 each. The trade date for this specific tranche was October 19, 2026, following an initial purchase of 13,50,000 shares (6.06%) just three days prior on October 16, 2026. Both transactions were disclosed under Regulation 29(1) and Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Stake progression

India Max Investment Fund Limited is not part of the promoter or promoter group of Liqvd Digital. The fund’s interest has grown rapidly over a four-day window, moving from nil holdings to a substantial minority stake. The cumulative effect of the two purchases is detailed below:

The company's total equity share capital remains unchanged at 2,22,63,177 equity shares with a paid-up capital of ₹11,13,15,885. There are no outstanding convertible securities or warrants that would dilute this voting capital, meaning the diluted share capital matches the listed equity capital.

What the numbers show

The data reveals a concentrated accumulation strategy by India Max Investment Fund. By acquiring 6.06% of the company on October 16 and adding another 3.16% on October 19, the fund secured nearly half of its current stake within a single week. This rapid build-up suggests a decisive move to establish a significant non-promoter presence in the company shortly after its listing period, given the prospectus date referenced in the filings was September 26, 2026. The absence of any encumbrances such as pledges or liens on these shares indicates clean ownership by the acquirer at the time of disclosure.

Liqvd Digital India Limited saw a significant reduction in institutional holding after Rajasthan Global Securities Private Limited disposed of 5.91% of its equity shares on October 16, 2026. The sale, executed through open market transactions, reduced the seller's stake from 9.23% to 3.31%, bringing it below the mandatory disclosure threshold of 5%.

The transaction involved the sale of 13,16,000 equity shares. Prior to this disposal, Rajasthan Global Securities held 20,54,000 shares, representing 9.23% of the company's total share capital. Following the sale, the remaining holding stands at 7,38,000 shares, equivalent to 3.31% of the total diluted share capital.

Disclosure Details and Regulatory Context

This action was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The seller does not belong to the promoter or promoter group category. The shares are listed on the BSE SME platform.

The previous disclosure under Regulation 29(1) was made on October 1, 2026, following the acquisition of 20,54,000 shares (9.23%) via IPO allotment on September 29, 2026. The current disposal marks a rapid exit from a substantial portion of that initial position within approximately two weeks.

Shareholding Structure Before and After Sale

The total equity share capital of Liqvd Digital remains unchanged at 2,22,63,177 equity shares of ₹5 each, both before and after the transaction. There were no encumbrances, warrants, or convertible securities involved in this specific disposal.

What the Numbers Show

The data reveals a swift reversal of position by Rajasthan Global Securities. The entity acquired its entire initial stake of 9.23% through IPO allotment on September 29, 2026. Just 17 days later, on October 16, 2026, it sold more than 64% of those acquired shares (13.16 lakh out of 20.54 lakh) in the open market. This pattern suggests a short-term trading strategy rather than a long-term investment hold, as the seller moved from a substantial non-promoter holding to a minority stake below regulatory reporting limits in under three weeks.