The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on April 07, 2026 for R M Shah
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On the reaction day the stock moved 2.1 pts less than Nifty Microcap 250 and 3.3 pts less than its Stockbroking & Allied peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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R M Shah, a Promoter Group member of Rikhav Securities Ltd, has created an encumbrance (pledge) over 3,51,830 equity shares representing 0.92% of the total share capital. The pledge was created on 13 March 2026 and reported to BSE on 7 April 2026. The shares are encumbered in favour of Rikhav Securities Limited (DP) for the purpose of margin trading. Notably, R M Shah's total holding of 0.92% is entirely pledged, with no prior encumbrance reported. Rajendra N Shah signed the disclosure on behalf of R M Shah.
The full encumbrance of the promoter group's entire stake for margin trading signals elevated risk for this shareholder, as pledged shares can be invoked if the stock declines sharply. It does not directly trigger a change in control but is a flag for shareholders to monitor.