The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on November 29, 2025 for Raoof Razak Dhanani
SAYAJIHOTL · price
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Awaiting price reaction for this filing.
Promoter Raoof Razak Dhanani has disclosed a new pledge of 3,00,000 equity shares (1.71% of paid-up capital) of Sayaji Hotels Ltd in favour of Swan Finance Limited on November 26, 2025. The promoter holds 15,27,630 shares (8.72% of total capital). Combined with an existing pledge of 9,75,000 shares (5.56%) with State Bank of India since March 2017, the total encumbered shares now stand at 12,75,000 (7.27% of company capital), which is 83.46% of the promoter's own shareholding. The new pledge is reportedly only as a guarantor with no money actually borrowed under this tranche. Total promoter encumbrance has crossed the 50% threshold of his personal shareholding, which the disclosure explicitly flags.
With 83.46% of the promoter's holding now pledged, retail investors should monitor this closely as high pledging can be a risk signal — if share prices fall or loans are recalled, it could lead to forced sales and pressure on the stock. However, the latest pledge is reportedly a guarantor obligation rather than a direct personal borrowing, which somewhat mitigates immediate concern.