The Exchange has received revised Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on December 06, 2025 for Raoof Razak Dhanani
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Promoter Raoof Razak Dhanani has pledged an additional 3,00,000 shares (1.71% of total share capital) with Swan Finance Limited on November 26, 2025. This is over and above his existing pledge of 9,75,000 shares (5.56%) with State Bank of India dating back to March 2017. After this new pledge, his total encumbered shares rise to 12,75,000 shares (7.27% of share capital). He personally holds 15,27,630 shares (8.72% of total capital), meaning 83.46% of his personal holding is now pledged. The new pledge was created as a guarantee for working capital and term loan — no money was directly borrowed by the promoter. The shares were valued at Rs. 298.20 each on the date of the event, against an underlying amount of Rs. 9 Crores.
Over 83% of the promoter's personal shareholding is now encumbered, which is a red flag for retail investors even though the pledge is a guarantee rather than a direct loan. However, since the pledged shares represent only 7.27% of total share capital, broader control or takeover risk to the company remains limited.