The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on April 21, 2025 for Rasesh Kanakia (as ....
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Rasesh Babubhai Kanakia, as trustee of Ashish Benefit Trust (part of the promoter group), has disclosed a release of 1,87,500 equity shares (0.55% of total share capital) from encumbrance on April 16, 2025. The encumbrance was held with Axis Trustee Service Limited. Post-release, the promoter's encumbered holdings have come down to 23,00,000 shares (6.71% of share capital) from the earlier 24,87,500 shares (7.26%). The total promoter holding remains at 30,68,800 shares (8.96% of share capital). This is a routine disclosure under SEBI's SAST Regulations regarding pledge/encumbrance changes.
This is a mildly positive signal for shareholders — the release of pledged shares reduces the promoter's encumbered position, lowering the risk of forced selling if financial conditions worsen. However, the release is small (only 0.55% of share capital) and the majority of the promoter's pledged holdings remain intact.