BSEInsider Trading / SAST23 Jun 2026 · 23 Jun 2026, 11:53 am
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Negen Undiscovered Value Fund & Others
Yash Highvoltage Ltd · 544310
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Negen Undiscovered Value Fund, YR Investment Opportunities Fund, and Neil Madan Bahal (collectively, 'Acquirers'), who are not part of the promoter group, have sold 6,49,000 equity shares of Yash Highvoltage Ltd in the open market. This transaction, which occurred between August 18, 2025, and June 17, 2026, represents 2.27% of the total voting equity share capital. Consequently, their collective shareholding in the company has decreased from 5.73% to 3.46%, falling below the 5% disclosure threshold under SEBI SAST Regulations.
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Yash Highvoltage Ltd - 544310 - Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
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Format for disclosures under Regulation 29 (1) of SEBI (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011
Part-A - Details of the Sale
Name of the Target Company (TC) Yash Highvoltage Limited
1. NegenUndiscoveredValueFund(“NUVF”)
Name(s) of the acquirer and Persons Acting in
2. YR Investment Opportunities Fund (“YRIOF”)
Concert (PAC) with the acquirer
3. Neil Madan Bahal (“Neil”)
Whether the acquirer belongs to
Promoter / Promoter group
Name(s) of the Stock Exchange(s) where the
Bombay Stock Exchange - SME
shares of TC are Listed
% w.r.t. total % w.r.t. total
share/voting diluted
Details of the acquisition as follows Number capital share/voting
wherever capital of the
applicable (*) TC (**)
Before the Sale under consideration, holding
of acquirer along with PACs of:
a) Shares carrying voting rights 16,35,690# 5.73%# 5.51%#
b) Shares in the nature of encumbrance
(pledge/ lien/ non- disposal undertaking/
others)
c) Voting rights (VR) otherwise than by
shares
d) Warrants/convertible securities/any other
instrument that entitles the acquirer to
receive shares carrying voting rights in the
TC (specify holding in each category)
e) Total (a+b+c+d) 16,35,690 5.73%# 5.51%#
Details of Acquisition/Sale:
a) Shares carrying voting rights sold 6,49,000 2.27% 2.19%
b) VRs acquired otherwise than by equity
shares
c) Warrants/convertible securities/any other
instrument that entitles the acquirer to
receive shares carrying voting rights in the
TC (specify holding in each category)
acquired
d) Shares in the nature of encumbrance
(pledge/ lien/ non- disposal undertaking/
others)
e) Total (a+b+c+d) 6,49,000# 2.27%# 2.19%#
After the Sale, holding of
acquirer along with PACs of:
a) Shares carrying voting rights 9,86,690# 3.46%# 3.32%#
b) VRs otherwise than by equity shares
c) Warrants/convertible securities
/any other instrument that entitles the
acquirer to receive shares carrying
voting rights in the TC (specify holding
in each category) after acquisition
d) Shares in the nature of encumbrance
(pledge/ lien/ non- disposal
undertaking/ others)
e) Total (a+b+c+d) 9,86,690# 3.46%# 3.32%#
Mode of Acquisition/Sale (e.g. open market /
public issue / rights issue / preferential
Open Market
allotment / inter-se transfer / encumbrance,
etc.)
Date of sale of shares of TC Between 18/08/2025 to 17/06/2026
Equity share capital /total voting capital of the
2,85,51,249
TC before the said sale
Equity share capital / total voting capital of the
2,85,51,249
TC after the said sale
Total diluted share / voting capital of the TC
2,96,93,249
after the said acquisition
(#) Details of the Sale –
NegenUndiscoveredValueFund(“NUVF”)andYRInvestmentOpportunitiesFund(“YRIOF”)areschemes
of Negen Investment Trust, which is registered with SEBI as a Category III AIF. Both schemes are managed
by Negen Capital Services Private Limited (“Negen”) and Mr. Neil Madan Bahal (“Neil”) is a Director &
Ultimate Beneficial Owner at Negen. Accordingly, NUVF, YRIOF and Neil are entities under common
management.
NUVF held 11,43,778 fully paid-up equity shares, YRIOF held 2,44,680 fully paid-up equity shares and Neil
held 2,76,912 paid-up equity shares of the Yash Highvoltage Limited (“Target Company” / “TC”),
aggregating to 16,35,690 equity shares, representing 5.73% of the total voting equity share capital of the TC.
During the period of 18th August 2025 to 17th June 2026, NUVF sold 4,63,750 fully paid shares and YRIOF sold
1,85,250 fully paid-up equity shares of the TC, representing 2.27% of the Total Voting Equity share capital of
the TC.
The details of the sale are also set out in the tables below.
Table 1: Shareholding Prior to Sale (Total as a % of Total Voting right)
Sr. No. of Fully Paid-up Equity
Entity Name Total as a % of Total Voting right
No. Shares Held
1 NUVF 11,43,778 4.01%
2 Neil 2,76,912 0.97%
3 YRIOF 2,15,000 0.75%
Total 16,35,690 5.73%
Table 2: Shareholding After Sale (Total as a % of Total Voting right)
No. of Fully Paid-up Total as a % of
Sr. No. of Fully Paid-up
Entity Name Equity Shares Held Post Total Voting
No. Equity Shares Sold
Sale right
1 NUVF 4,63,750 6,80,028 2.38%
2 Neil - 2,76,912 0.97%
3 YRIOF 1,85,250 29,750 0.10%
Total 6,49,000 9,86,690 3.46%
PART B***
Name of the Target Company: Yash Highvoltage Limited
Name(s) of the acquirer and Persons Whether the acquirer
PAN of the acquirer and/ or
Acting inC oncert (PAC) with the belongs to Promoter/
PACs
Acquirer Promoter group
Negen Undiscovered Value Fund No AAETN1655J
Neil Madan Bahal No AHJPB2072R
YR Investment Opportunities Fund No AABTY0630P
For and on behalf Negen Capital Services Private Limited (Acting as the Investment Manager to Negen
Undiscovered Value Fund and YR Investment Opportunities Fund) and Mr. Neil Madan Bahal
Name: Jigar Dinesh Shah
Designation: Director
Place: Mumbai
Date: 19.06.2026
Note:
(*) Total share capital/ voting capital to be taken as per the latest filing done by the company to the Stock
Exchange under Clause 35 of the listing Agreement.
(**) Diluted share/voting capital means the total number of shares in the TC assuming f ull conversion of
the outstanding convertible securities/warrants into equity shares of the TC.
(***) Part-B shall be disclosed to the Stock Exchanges but shall not be disseminated.
NEGEN CAPITAL SERVICES PRIVATE LIMITED
CIN -U67190MH2007PTC171287
2nnddFloor, Trade Point, Utopia City, P.B. Marg, Lower Parel (W), Mumbai City MH 400013
Bombay Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers Dalal Street, Mumbai –400001
Dear Sir/Madam,
Subject: Disclosure Under Regulation 29 of the Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations, 2011for Sale of Fully Paid Up Equity Shares of Yash
Highvoltage Ltd (the “Company”)
Negen Investment Trust((““NIT”) is registered with the Securities and Exchange Board of India (“SEBI”) as
a Category III Alternative Investment Fund bearing registration number IN/AIF3/22-23/1254. Negen
Undiscovered Value Fund (“NUVF”) and YR Investment Opportunities Fund (“YRIOF”) are schemesof
NIT. Negen Capital Services Private Limited is the Investment Manager to NUVFand YRIOFand Mr. Neil
Madan Bahal is the Director and Ultimate Beneficial Owner ofNegen Capital Services Private Limited.
Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011 (“Takeover Regulation”) requires disclosure of aggregate shareholding and
voting rights in a target company where an acquirer, together with persons acting in concert with him
acquires shares or voting rights in a target company, which when taken together aggregates to five per cent
or more of the shares of such target companyand any change if such change exceeds two per cent of total
shareholding or voting rights in the target company. NUVF and YRIOF sold part of shares held by them
resulting in a changein shareholding of target companyexceedingby two percent.
In view of the above, aassNUVF, YRIOF and Mr. Neil Madan Bahal are entities under common management,
we wish to make disclosure in compliance with Regulation 29 (2) of the Takeover Regulations which is
enclosed herewith as Annexure 1. We request you to take the above on record and we trust you will find
the above in order.
The following person can be contacted in case of any clarification sought at your end:
Name of the contact person Abhimanyu Olla
Direct line number of the contact person 022 24812613
Mobile number of the contact person +91 9940888320
E-mail of the contact person abhimanyu@negencapital.com
Yours sincerely,
Forand on behalfNegen Capital Services Private Limited (Acting as the Investment Manager to Negen
Undiscovered Value Fund and YR Investment Opportunities Fund) and Mr. Neil Madan Bahal
Name:Jigar Shah
Designation:Director
Date: June1199, 2026
Encl: Annexure 1