The Exchange has received revised Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on June 24, 2025 for Himanshu B Kanakia
CINELINE · price
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Awaiting price reaction for this filing.
Promoter Himanshu B Kanakia has filed a revised disclosure (correcting an earlier March 2025 submission) for the pledge of 7,04,000 equity shares (2.05% of total share capital) of Cineline India on 27 February 2025. The revision only fixes administrative errors — earlier the wrong promoter name (Rasesh Babubhai Kanakia) was mentioned and the lender name was omitted. After this pledge, the promoter's total encumbered holding stands at 9,60,000 shares (2.80% of share capital), which works out to roughly 75% of his personal shareholding of 12,73,824 shares (3.72%). The pledged shares serve as collateral security, with the funds being used for personal purposes by the promoter, and Axis Trustee Services Limited acts as the debenture trustee on behalf of lenders.
This is a corrective filing and not new information for the market, but the underlying fact remains concerning: about 75% of the promoter's personal stake is now pledged, meaning only around 25% of his holding is free. Any fall in the share price could trigger margin calls or invocation, which is a risk for minority shareholders to monitor.