The Exchange has received revised Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on June 05, 2025 for Saravana Global ....
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Promoter Saravana Global Holdings Limited (holding 74.97% of Challani Capital) has filed a revised disclosure under SEBI SAST Regulations regarding the creation of a pledge on 60,01,300 shares (40.01% of total share capital) on December 19, 2024. The pledge is in favor of Shobha Padam Challani, an individual from the promoter group, with an underlying loan amount of Rs. 10 crore against shares valued at Rs. 19.64 crore. Encumbered shares represent 53.36% of the promoter's own shareholding, crossing both the 50% promoter-holding threshold and the 20% of total share capital threshold. The original disclosure filed on May 28, 2025 was sent back by BSE for procedural defects (SEBI logo use, delayed filing, missing reasons) and is now being resubmitted. The pledged amount is stated to be for personal use by the promoters.
Shareholders should note that over half of the promoter's stake is now pledged, which is a significant encumbrance and a negative signal—any default could lead to invocation and potential change in shareholding. The delayed disclosure (December 2024 transaction filed in revised form only by June 2025) and procedural lapses also raise corporate governance concerns for retail investors.