Promoter and promoter group member create pledge on 31,40,000, 39,01,160 and 50,00,000 shares

A promoter and a promoter group member of the company have created pledges on their equity shares.

Mon 5 Oct 2026

Anand Sureshbhai Desai pledge

31,40,000 shares created on 22.09.2026

Anand Sureshbhai Desai pledge

39,01,160 shares created on 23.09.2026

Shraddha Anand Desai pledge

50,00,000 shares created on 23.09.2026

Shares encumbered post events

1,08,76,940 shares held by Anand Sureshbhai Desai, i.e. 9.55% of total share capital

Purpose of pledge

secure non-convertible debentures of the company and its subsidiary, and a loan availed by the promoter

A promoter and a promoter group member of the company have created pledges on their equity shares, and the details have been reported to the stock exchanges under Regulation 31(1) and 31(2) of the SEBI (SAST) Regulations, 2011.

What was pledged

• Anand Sureshbhai Desai, promoter: pledge on 31,40,000 equity shares created on 22.09.2026, equal to 2.76% of total share capital.
• Anand Sureshbhai Desai: pledge on 39,01,160 equity shares created on 23.09.2026, equal to 3.43% of total share capital.
• Shraddha Anand Desai, promoter group member: pledge on 50,00,000 equity shares created on 23.09.2026, equal to 4.39% of total share capital.

Where the promoter holding stands

Anand Sureshbhai Desai holds 1,10,76,940 equity shares, or 9.73% of total share capital. A part of his holding was already encumbered before these events, and after the two new pledges, 1,08,76,940 of his shares, equal to 9.55% of total share capital, are encumbered. For Shraddha Anand Desai, the pledged 50,00,000 shares equal 4.39% of total share capital.

Why the shares are pledged

• The pledge of 31,40,000 shares on 22.09.2026 is security for the due payment and discharge of the debt arising from the allotment of 14,500 non-convertible debentures aggregating to INR 145 Crores issued by the company. The shares are encumbered in favour of CTL Trusteeship Limited (Debenture Trustee) for the benefit of Aditya Birla Capital Limited, holder of those NCDs.
• The pledge of 39,01,160 shares on 23.09.2026 is security for the due payment and discharge of the debt arising from the issuance and allotment of non-convertible debentures by Mates Visa Consultancy Private Limited, a wholly owned subsidiary of the company, and Rehash Industrial And Resins Chemicals Private Limited. These shares are encumbered in favour of Catalyst Trusteeship Limited (Debenture Trustee) for the benefit of debenture holders.
• The pledge of 50,00,000 shares by Shraddha Anand Desai on 23.09.2026 is security for the due repayment of a loan availed by Anand Sureshbhai Desai. These shares are encumbered in favour of Tata Capital Limited.

How to read this

• An encumbrance means the shares are held as collateral. The holders continue to hold the shares, while the trustee or lender has a right over them until the underlying obligation is met.
• If that obligation is not met, the pledge can be invoked and the shares can be sold by the trustee or lender. This is why the level of promoter encumbrance is tracked by investors.
• The events reported are creations of pledges against borrowings of the company, its subsidiary and the promoter; the promoter holding percentages themselves are unchanged.

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