The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on November 28, 2025 for Raoof Razak Dhanani
SAYAJIHOTL · price
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Raoof Razak Dhanani, a promoter of Sayaji Hotels Ltd, has created a new pledge of 3,00,000 equity shares (1.71% of paid-up capital) in favour of Swan Finance Ltd on November 26, 2025. He personally holds 15,27,630 shares (8.72% of the company). With this new pledge, his total encumbered shares rise to 12,75,000 (7.27% of total capital), meaning 83.46% of his own shareholding is now pledged. The new pledge was made only as a Guarantor with no direct money involved. An older pledge of 9,75,000 shares (5.56%) with State Bank of India, in place since March 2017, stands as guarantee for a working capital and term loan of Rs 22.5 crore.
Over 83% of this promoter's personal shareholding is now pledged, which is a high concentration and a yellow flag for investors. Although the pledged shares are only 7.27% of total company capital (below the 20% trigger), any future invocation or default could lead to forced selling and put downward pressure on the stock price.