The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on November ....
SAYAJIHOTL · price
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Promoter Raoof Razak Dhanani, who holds 15,27,630 shares (8.72% of paid-up capital) in Sayaji Hotels Limited, has created a new pledge of 3,00,000 shares (1.71%) in favour of Swan Finance Limited on 26 November 2025. This pledge is only as a Guarantor, with no money directly involved. After this, his total encumbered shares rise to 12,75,000 (7.27% of total share capital), which is 83.46% of his personal promoter holding — well above the 50% mark. He already had 9,75,000 shares pledged with State Bank of India since 2017 as guarantee for a Rs. 22.5 crore working capital and term loan facility.
A higher portion of the promoter's stake is now pledged, which raises the risk for shareholders if the promoter cannot meet obligations. The new pledge is only a guarantee (no fresh borrowing), which is less concerning than pledging for new debt, but overall encumbrance of 83.46% of promoter holding is a watch-out signal.