Promoters Acquire 1.5 Crore Convertible Warrants in Raama Finance via Preferential Allotment
Two promoter entities, Akhil Mittal and DS Family Office Trust, each acquired 75,00,000 convertible warrants representing 3.84% of the total diluted capital of Raama Finance Limited through preferential allotment on 12.05.2026. The equity share capital remained unchanged at 8,11,62,000, while the total diluted share/voting capital stands at 19,51,62,000 post-allotment. Both disclosures were filed under Regulation 29(2) of SEBI (SAST) Regulations, 2011, with BSE Limited on 14.05.2026.

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Two promoter entities — Akhil Mittal and DS Family Office Trust — have each submitted formal disclosures under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, reporting the acquisition of convertible warrants in Raama Finance Limited (formerly known as Ramchandra Leasing and Finance Limited). Both disclosures, dated 14.05.2026, were filed with BSE Limited and the Company Secretary of Raama Finance Limited. Both acquisitions were executed through preferential allotment on 12.05.2026.
Acquisition Details
Akhil Mittal acquired 75,00,000 convertible warrants, representing 3.84% of the total diluted share/voting capital of the company. Similarly, DS Family Office Trust also acquired 75,00,000 convertible warrants, likewise representing 3.84% of the total diluted share/voting capital. In both transactions, no shares carrying voting rights or voting rights otherwise than by shares were acquired. The equity share capital and total voting capital of the company remained unchanged at 8,11,62,000 before and after each acquisition.
The following table summarises the key parameters of both acquisitions:
| Parameter: | Akhil Mittal | DS Family Office Trust |
|---|---|---|
| Acquirer Category: | Promoter | Promoter |
| Mode of Acquisition: | Preferential Allotment | Preferential Allotment |
| Date of Acquisition: | 12.05.2026 | 12.05.2026 |
| Instruments Acquired: | Convertible Warrants | Convertible Warrants |
| Number of Warrants Acquired: | 75,00,000 | 75,00,000 |
| % of Total Diluted Capital (Acquired): | 3.84% | 3.84% |
| Stock Exchange: | BSE Limited | BSE Limited |
Pre and Post-Acquisition Shareholding
The table below presents Akhil Mittal's holding position before and after the acquisition:
| Metric: | Before Acquisition | After Acquisition |
|---|---|---|
| Shares Carrying Voting Rights: | 2,22,89,981 | 2,22,89,981 |
| % w.r.t. Total Share/Voting Capital: | 27.46% | 27.46% |
| % w.r.t. Total Diluted Capital: | 27.46% | 11.42% |
| Convertible Warrants Held: | 0 | 75,00,000 |
| % of Diluted Capital (Warrants): | 0 | 3.84% |
| Total Combined Holding (Shares + Warrants): | 2,22,89,981 | 2,97,89,981 |
| Total % w.r.t. Total Share/Voting Capital: | 27.46% | 27.46% |
| Total % w.r.t. Total Diluted Capital: | 27.46% | 15.26% |
For DS Family Office Trust, the entity held no shares, voting rights, or convertible instruments prior to this transaction. Post-acquisition, its entire holding consists of 75,00,000 convertible warrants, representing 3.84% of the total diluted capital. No shares were encumbered, pledged, or subject to any non-disposal undertaking by either acquirer before or after the respective transactions.
| Metric: | Before Acquisition | After Acquisition |
|---|---|---|
| Shares Carrying Voting Rights: | 0 | 0 |
| % w.r.t. Total Share/Voting Capital: | 0 | 0 |
| % w.r.t. Total Diluted Capital: | 0 | 0 |
| Convertible Warrants Held: | 0 | 75,00,000 |
| % of Diluted Capital (Warrants): | 0 | 3.84% |
| Total Combined Holding: | 0 | 75,00,000 |
| Total % w.r.t. Total Diluted Capital: | 0 | 3.84% |
Capital Structure of Raama Finance Limited
The equity share capital and total voting capital of Raama Finance Limited stood at 8,11,62,000 both before and after the acquisitions. Following the preferential allotment of convertible warrants to both promoter entities, the total diluted share/voting capital of the company stands at 19,51,62,000.
Regulatory Disclosure
Both disclosures were made in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and were addressed to BSE Limited and the Company Secretary of Raama Finance Limited, headquartered at Vadodara, Gujarat. Akhil Mittal's filing was digitally signed from New Delhi on 14.05.2026. The disclosure on behalf of DS Family Office Trust was digitally signed by Pratika Sharma, Authorised Signatory, also from New Delhi on 14.05.2026.
What is the conversion timeline and price for the 1,50,00,000 convertible warrants issued to Akhil Mittal and DS Family Office Trust, and how might full conversion impact the promoter group's overall control of Raama Finance Limited?
Given that DS Family Office Trust is a new entrant to the promoter group with no prior shareholding, what strategic role is this entity expected to play in Raama Finance Limited's future business direction?
How will the significant dilution of Akhil Mittal's stake from 27.46% to 15.26% on a fully diluted basis affect minority shareholder interests and the company's governance structure post-conversion?

































