The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on September 18, 2025 for Jusmiral Holdings Ltd
COHANCE · price
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On the reaction day the stock moved 0.8 pts more than Nifty Smallcap 250 and 0.9 pts more than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Promoter Jusmiral Holdings Limited sold 3,41,48,000 equity shares (8.93% of total share capital) of Cohance Lifesciences via an on-market sale on September 18, 2025. This reduced Jusmiral's stake from 33.08% to 24.15% (32.75% to 23.91% on a fully diluted basis). The proceeds will primarily be used for part repayment of borrowings under a Notes Purchase Agreement dated May 29, 2024 with lenders including West Street entities and CPPIB. The filing is a release of encumbrance disclosure — Jusmiral had no traditional pledge on TC shares, but was subject to covenant-based encumbrance (non-disposal undertakings, financial ratio requirements) under the Notes Purchase Agreement, which has now been partially released. Co-promoter Berhyanda Limited continues to hold 33.34% unchanged.
A nearly 9% promoter exit in a single day on the open market could create short-term supply pressure and weigh on the stock price. The sale is debt-driven rather than a signal of loss of confidence, and the selling promoter retains a meaningful 24% stake, but the large block hitting the market is the key concern for shareholders.