Sofreal Mercantrade Private Limited and its promoter group acquired 3,70,351 shares of STEL Holdings Limited , increasing their collective stake to 71.33% through open market purchases between March and December 2025.

Sofreal Mercantrade Private Limited, along with its persons acting in concert (PACs), has filed a substantial acquisition disclosure for STEL Holdings Limited under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure, dated December 19, 2025, reveals significant share purchases that have increased the promoter group's collective stake in the company.

Acquisition Details

The promoter group acquired 3,70,351 equity shares of STEL Holdings Limited through open market purchases conducted between March 7, 2025, and December 17, 2025. These transactions were executed on both the National Stock Exchange and Bombay Stock Exchange.

Persons Acting in Concert

The disclosure identifies 33 entities acting in concert with Sofreal Mercantrade Private Limited, including:

• Individual Promoters: Late Rama Prasad Goenka, Harshvardhan Ramaprasad Goenka, Anant Vardhan Goenka, Mala Goenka, Radha Anant Goenka, and Sanjiv Goenka
• Trust Entities: Multiple trusts with Harsh Vardhan Goenka and Anant Vardhan Goenka as trustees, including Nucleus Life Trust, Prism Estates Trust, Secura India Trust, AVG Family Trust, Ishaan Goenka Trust, Navya Goenka Trust, and RG Family Trust
• Corporate Entities: Carniwala Investments Limited, Instant Holdings Limited, Summit Securities Limited, Rainbow Investments Limited, Digidrive Distributors Limited, Castor Investments Limited, Lebnitze Real Estates Private Limited, and Saregama India Limited
• LLP Entities: Swallow Associates LLP, Ektara Enterprises LLP, Chattarpati Apartments LLP, Vayu Associates LLP, Malabar Coastal Holdings LLP, and Atlantus Dwellings and Infrastructure LLP

Transaction Breakdown

The acquisition involved multiple entities within the promoter group making purchases on different dates:

Company Share Capital Structure

STEL Holdings Limited maintains a stable share capital structure with no dilution resulting from these transactions:

The disclosure confirms that there is no dilution of the share capital or voting capital of STEL Holdings Limited as a result of these transactions. The company's total diluted share capital remains unchanged, indicating no outstanding convertible securities or warrants that would affect the ownership structure.

Regulatory Compliance

The disclosure has been filed with both the National Stock Exchange of India Limited and BSE Limited, along with STEL Holdings Limited's compliance officer. The document, signed by Suman Kumar Mishra as the authorized signatory for Sofreal Mercantrade Private Limited, ensures full compliance with SEBI's substantial acquisition disclosure requirements. All transactions were conducted through regular open market purchases on recognized stock exchanges, maintaining transparency in the acquisition process.

STEL Holdings Limited , a company under the promoter group of PCBL Chemical Limited, has made a significant move in the chemical industry by acquiring 12,00,000 equity shares of PCBL Chemical. This acquisition, completed on November 3, 2025, represents a 1.043% stake in PCBL Chemical's post-issue paid-up share capital.

Transaction Details

The acquisition was executed through the conversion of warrants previously allotted on a preferential basis. Here are the key details of the transaction:

About PCBL Chemical Limited

PCBL Chemical Limited, the target company of this acquisition, is a prominent player in the chemical industry:

• Core Business: Carbon black manufacturing
• Market Position: Largest carbon black manufacturer in India
• Production Facilities: Across India (Durgapur, Palej, Mundra, Kochi, and Chennai)
• Recent Turnover: Rs 5904.63 crores (FY 2024-25)
• Notable Acquisition: Recently acquired Aquapharma Chemical, a leading phosphonate producer

Strategic Implications

This transaction appears to be a strategic move for both STEL Holdings and PCBL Chemical:

1. Strengthening Ties: As STEL Holdings falls under the promoter group of PCBL Chemical, this acquisition reinforces the relationship between the two entities.
2. Financial Support: The cash infusion from this transaction is intended to support PCBL Chemical's debt repayment, working capital needs, and general corporate purposes.
3. Growth Objectives: The additional capital is expected to aid PCBL Chemical in pursuing its growth objectives and meeting business requirements.

Regulatory Compliance

The transaction has been conducted in compliance with relevant regulations:

• Adheres to provisions of the Companies Act, 2013
• Follows SEBI regulations for related party transactions
• Executed at arm's length, ensuring fairness in the transaction

Industry Outlook

This acquisition comes at a time when PCBL Chemical has been expanding its footprint in the chemical industry. With its recent acquisition of Aquapharma Chemical, PCBL has strengthened its position in the performance chemicals space, indicating a strategy of diversification and growth in the sector.

The chemical industry, particularly the carbon black and specialty chemicals segments, appears to be in a phase of consolidation and expansion. This move by STEL Holdings suggests confidence in the sector's future prospects and PCBL Chemical's growth trajectory.

As the chemical industry continues to evolve, such strategic investments and expansions may play a crucial role in shaping the competitive landscape and driving innovation in the sector.