Promoter pledges shares as security for group debentures; 97.58% of her holding encumbered

Promoter Mona Anandbhai Desai has disclosed fresh pledges on her shares in the company and the release of earlier ones.

Tue 6 Oct 2026

Fresh pledges created

14,60,625 equity shares on 23.09.2026; 25,80,000 equity shares on 30.09.2026

Encumbered holding

40,40,625 equity shares, equal to 97.58% of her promoter shareholding

Amount encumbered

INR 578,00,00,000, excluding applicable interest

Anupam Rasayan's promoter Mona Anandbhai Desai has submitted an updated encumbrance disclosure that covers fresh pledges on her shares and the release of earlier ones. It supersedes a disclosure submitted on October 03, 2026.

What was created

• A pledge on 14,60,625 equity shares was created on 23.09.2026.
• A further pledge on 25,80,000 equity shares was created on 30.09.2026.
• Both are in favour of Catalyst Trusteeship Limited, the debenture trustee acting for the benefit of debenture holders.
• Reason recorded: security for the due payment and discharge of the debt arising from the issue 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.

What was released

• Pledges held in favour of STCI Finance Limited and Aditya Birla Capital Limited were released on 29.09.2026.
• The update records that these were released after repayment.

Where the holding stands

• Mona Anandbhai Desai holds 41,40,625 equity shares.
• After these events, her encumbered holding is 40,40,625 equity shares.
• Encumbered shares work out to 97.58% of her promoter shareholding.

How the money is used

• The amount against which shares have been encumbered is stated as INR 578,00,00,000, excluding applicable interest.
• The amount borrowed by Mates Visa Consultancy Private Limited is for the benefit of the listed company and has been used to consummate the acquisition of Bliss GVS Pharma Limited; the amount borrowed is INR 300 crores.
• The amount borrowed by Rehash Industrial and Resins Chemicals Private Limited is for the use of promoters and PACs to retire existing debt; the amount borrowed is INR 278 crores.
• The debentures behind the encumbrance are described as senior, secured, unrated, unlisted, redeemable non-convertible debentures.

How to read this

• This is an encumbrance at the promoter level. The shares pledged belong to the promoter, and the security is for borrowings taken by group entities.
• The figure to note is the 97.58% — close to the whole of this promoter's holding is now encumbered.
• Part of the borrowing is linked to the company's acquisition of Bliss GVS Pharma Limited, which is the stated purpose behind the fresh pledges.
• The releases recorded in the same update show that the earlier facilities were closed out on repayment, so the position is a mix of new security created and old security lifted.

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