The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on April 22, 2025 for Ravi B Goyal

Pledge invokedPromoter pledge above 50%Promoter sold over 1%Ownership Changes View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

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Nifty Microcap 250market · in no size index; the smallest one is used+0.0%-5.1% vs market

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On the reaction day the stock moved 5.1 pts less than Nifty Microcap 250 and 5.1 pts less than its Financial Technology (Fintech) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

Ravi B Goyal, Chairman and Managing Director of AGS Transact Technologies, has disclosed significant encumbrance events. Bajaj Finance invoked pledges on 29,83,183 equity shares (about 2.32% of share capital) between April 9 and April 17, 2025, reducing his personal stake from 14.26% to 11.94%. Simultaneously, a new pledge of 3,00,000 shares was created in favour of KNAB Finance Advisors on April 17, 2025 to provide additional collateral for existing borrowings. After these events, 90.93% of his remaining promoter shareholding stands encumbered, though encumbered shares remain below 20% of total share capital. The loans against these pledged shares were stated to be for personal use by the promoter.

Likely market impact

This is a strongly negative signal for shareholders — a lender (Bajaj Finance) has actually taken possession of promoter shares, indicating possible financial stress on the promoter and a meaningful reduction in his unencumbered skin-in-the-game. With over 90% of his remaining shares pledged, further invocations or dilution events cannot be ruled out, which may weigh on the stock price and investor confidence.