Vijay Kachardas Vedmutha has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Promoter Vijay Kachardas Vedmutha, on behalf of all promoters and persons acting in concert, has confirmed that no new encumbrance or pledge was created on company shares during FY ended March 31, 2025. Existing pledged shares from FY 2020-21 and 2021-22 remain unchanged, totaling 1,74,96,105 shares or 54.21% of total share capital across 10 promoter/PAC entities. Punjab National Bank has technically closed the pledge on three key promoters' shares held via IL&FS Securities Services (which is shutting operations) and will transfer them to another depository, after which the shares will be re-pledged to PNB. This is a procedural reshuffle of the existing pledge, not a release or new encumbrance.
No new pledge action or release has occurred — existing encumbrance of 54.21% of share capital stays intact, which is a high level of pledged promoter holdings and remains a key risk factor for shareholders. The IL&FS-to-PNB reshuffle is administrative and should not materially change the security position, but warrants monitoring for any re-pledging terms or future pledge invocation.