Rail Pardaz Novafarin's Stake in Dlip Jumps From 49.5% to 80.9% After a 450% Rights-Stripped Capital Increase (Saturday, August 29, 2026)

Rail Pardaz Novafarin's (a private joint-stock company) stake in Tehran Stock Exchange base-market ticker Dlip (Delijan Talaei Shokouh Pars) rose from 49.53% to 80.93% in the exchange's official ownership record dated August 26, 2026, a 31.4-percentage-point jump that pushed the holding past outright majority control. The shift was recorded three days after Dlip's 450.5% capital increase, funded entirely from cash with existing shareholders' pre-emptive rights stripped, was formally registered with Iran's Companies Registration Office on August 23, 2026.

Background

Dlip's extraordinary general meeting, held April 8, 2026, voted under a Securities and Exchange Organization license (DPM-IOP-04A-282, dated March 16, 2026) to raise the company's capital from 200 billion tomans to 1.101 trillion tomans, a 450.5% increase funded entirely from cash with then-shareholders' pre-emptive rights stripped. To fund it, 7,260,273,973 new shares were offered at 1,241 rials each in a public subscription running May 31 to June 14, 2026. Final registration of the increase with the Companies Registration Office took more than two months; the company explained the delay to shareholders in a disclosure dated August 18, 2026, before registration was finally confirmed on August 23.

When a listed company's capital increase is funded from cash, existing shareholders normally hold pre-emptive rights to buy new shares in proportion to their existing stake, keeping their ownership percentage unchanged. But when, as in Dlip's case, the general meeting strips that right, the new shares go straight to public subscription, open to any buyer, including the company's largest existing shareholder; whoever subscribes for more of the offering ends up owning a larger share of the company going forward. Sahmino has covered a similarly outsized capital increase's effect on share count and comparability before, in Bank Mellat's nearly tenfold capital increase.

The Numbers

Per the Tehran Stock Exchange's official ownership record dated August 26, 2026, Rail Pardaz Novafarin now holds 8,910,776,176 shares of Dlip's enlarged 11,010,000,000-share base, equal to 80.93%, up from the 49.53% it held before the capital increase. Dlip's stock opened 2.98% below the prior session's closing price on August 26, the day the ownership shift was recorded. In today's session, Saturday, August 29, the stock gained 2.96% (40 rials) to 1,390 rials and stood in a buy queue of 30,203,592 shares at that price. Over the 52 weeks through August 26, the stock ranged between a low of 939 rials and a high of 1,699 rials, with a one-year return of 20.36% as of that date. Per Sahmino's own analysis of Dlip's three-month financial statement for the period ended June 21, 2026 (filed on codal July 22), trailing-twelve-month revenue grew 36.07% year over year, while trailing-twelve-month net profit fell 23.01% over the same period; on those same filings, the stock's P/E ratio is 47.97 and its return on equity is just 2.6%.

Drivers

The official ownership figures show Rail Pardaz Novafarin, already Dlip's largest shareholder before the increase, absorbed the bulk of the newly issued shares, not just preserving but sharply enlarging its stake, while shareholders who did not take part in the public subscription ended up with a diluted stake in a company whose profitability, per its latest financial statement, has been falling. Dlip trades on Iran Farabourse's base market (بازار پایه), a tier with wider price bands, thinner liquidity and far more frequent trading halts than the Tehran Stock Exchange's main board. Per Sahmino's own data, retail traders accounted for almost all of the stock's trading volume over the past 20 sessions, 99.48%.

Outlook

Dlip published a notice on codal on August 27, 2026, convening an extraordinary ordinary general meeting; given the change in the identity of the company's major shareholder, such a meeting could lead to a reshaped board, though its formal agenda has not yet been published on codal, and this report notes only the convening notice itself, not any outcome. A dividend-payment schedule for the twelve-month period ended March 20, 2026, was also filed on codal the same day.

Bottom Line

A 450.5% capital increase, funded entirely from cash with pre-emptive rights stripped, has in practice become the mechanism by which Dlip's largest shareholder locked in control: Rail Pardaz Novafarin's stake rose from 49.53% to 80.93%, while the company's profitability, per its latest official financial statement, has been declining. For shareholders who did not take part in the subscription, this codal paper trail is a clear reminder that on Iran's base market, stripping pre-emptive rights can shift a company's ownership structure very quickly.

What to Watch

Dlip's extraordinary ordinary general meeting and whatever new board composition follows it, alongside the company's next financial statements to gauge the capital increase's effect on profitability, are the two threads Sahmino will follow in future coverage. Live pricing for the ticker is tracked on its Dlip price page.