�Markand Adhikari�has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Promoter Markand Adhikari, along with other promoter group members and persons acting in concert, has filed the annual encumbrance disclosure for FY 2024-25. The promoter group holds 32,71,214 equity shares as of March 31, 2025, of which 24,10,600 shares (approximately 74% of promoter holding) are pledged. The promoters confirm that no new encumbrances were created during FY 2024-25 beyond what was already disclosed earlier. The disclosure was filed by Markand Adhikari on behalf of all promoters and PACs, with the list of PACs including family members and related entities.
A pledge of around 74% of promoter holdings is a high level of encumbrance and is a significant risk factor for shareholders. Any sharp decline in the stock price could trigger margin calls or invocation of pledges, potentially leading to forced selling. Investors should monitor the stock closely for any further disclosures related to pledge invocation or release.