The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on April 30, 2025 for Ravi B Goyal
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Promoter and CMD Ravi B. Goyal has disclosed that lenders have invoked the pledge on all 1,39,42,261 equity shares he had pledged, representing 10.86% of the company's share capital. The invocations happened across April 21–24, 2025, with Bajaj Finance Limited invoking the bulk (~1.36 crore shares) and KNAB Finance Advisors invoking 3 lakh shares. Separately, promoter group entity Vineha Enterprises had 90 lakh shares pledged on April 21 and 25 lakh shares invoked on April 25, and the Ravi Goyal Family Trust has 65 lakh shares (5.06%) pledged. This means nearly the entire personal holding of the promoter is now under encumbrance or has been transferred out.
This is a strongly negative signal for shareholders — the promoter losing over 10.8% of equity through forced pledge invocation signals financial stress at the promoter level and raises serious concerns about corporate governance, promoter control stability, and potential further dilution or change in management. Expect sharp negative sentiment and possible stock price weakness.