Promoter Mona Anandbhai Desai files updated encumbrance disclosure; pledges created and two released

Promoter Mona Anandbhai Desai shared an updated disclosure with BSE and NSE on 5 October 2026, replacing her 3 October update.

Tue 6 Oct 2026

Shares encumbered post events

40,40,625 shares (3.55% of share capital) are encumbered

Encumbrance as % of promoter holding

97.58% of her 41,40,625-share holding

Pledge created 30.09.2026

25,80,000 shares (2.27%) in favour of Catalyst Trusteeship Limited

What the update is

Promoter Mona Anandbhai Desai has shared an updated disclosure with BSE and NSE under Regulations 31(1) and 31(2) of the SEBI SAST Regulations. It replaces the earlier disclosure of 3 October 2026 and sets out the reasons for the encumbrance, along with details of release of pledge on shares.

The four events reported

• 23 September 2026: creation of pledge on 14,60,625 shares (1.28%) in favour of Catalyst Trusteeship Limited
• 29 September 2026: release of pledge on 7,00,000 shares (0.64%) held in favour of STCI Finance Limited; the update says the pledge was released after repayment
• 29 September 2026: release of pledge on 19,80,000 shares (1.74%) held in favour of Aditya Birla Capital Limited; released after repayment
• 30 September 2026: creation of pledge on 25,80,000 shares (2.27%) in favour of Catalyst Trusteeship Limited

Where the promoter stands

Mona Anandbhai Desai holds 41,40,625 shares, or 3.64% of total share capital.

After these events, 40,40,625 shares — 3.55% of total share capital — are encumbered. The update states this is 97.58% of her holding.

Why the fresh pledges were created

Both new pledges secure repayment of debt arising from non-convertible debentures issued by Mates Visa Consultancy Private Limited (a wholly owned subsidiary of the Company) and Rehash Industrial and Resins Chemicals Private Limited. The shares are encumbered in favour of Catalyst Trusteeship Limited, the debenture trustee for the benefit of debenture holders. The update states the trustee is not a scheduled commercial bank, public financial institution, NBFC or housing finance company.

The instruments involved

• Mates Visa Consultancy Private Limited: 30,000 senior, secured, unrated, unlisted, redeemable non-convertible debentures of face value INR 1,00,000 each
• Rehash Industrial and Resins Chemicals Private Limited: 27,800 senior, secured, unrated, unlisted, redeemable non-convertible debentures of face value INR 1,00,000 each

Cover and end use

• Value of shares on the date of the 23 September event: INR 174,31,09,875; on the date of the 30 September event: INR 316,50,80,000
• Amount involved (against which shares have been encumbered): INR 578,00,00,000, excluding applicable interest
• Ratio of value of shares to amount involved: 0.3015 and 0.5475

The amount borrowed by Mates Visa Consultancy Private Limited is stated to be for the benefit of the listed company, as it has been used to consummate the acquisition of Bliss GVS Pharma Limited — INR 300 crores, repayable within 48 months. The amount borrowed by Rehash Industrial and Resins Chemicals Private Limited is for use by promoters and PACs to retire existing debt — INR 278 crores, repayable within 36 months.

What a retail investor can take away

• The update reports both fresh pledges and the release of two older pledges on the same promoter's shares, so the net encumbered position changed over the week.
• The encumbrance sits at the promoter level and is linked to debentures issued by promoter-group entities; one tranche of the borrowing is stated to have been used for the company's acquisition of Bliss GVS Pharma Limited.
• The figure to track is the 40,40,625 shares encumbered — 3.55% of total share capital and 97.58% of this promoter's holding, as stated in the update.

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