The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on March 25, 2026 for Rajendra Gandhi
STOVEKRAFT · price
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Stove Kraft promoter Rajendra Gandhi has created a pledge on 2,00,000 shares (0.60% of paid-up capital) in favor of Bajaj Finance Ltd, an NBFC, on 17 March 2026. The pledge was made to maintain adequate security cover for 7,75,194 shares already purchased on loan back in March 2022. After this pledge, the promoter's total encumbered shares stand at 29,00,000 shares (8.76% of total share capital or 15.70% of promoter holding). The value of newly pledged shares is about ₹9.75 crore against a loan amount of ₹50 crore, giving a security cover ratio of just 0.195, which is very low. The document explicitly confirms that encumbered shares are neither 50% or more of promoter holding nor 20% or more of total share capital.
This is a routine pledge creation to top up collateral for an existing personal loan, not a new borrowing or stake sale. The very low security cover ratio (0.195) is a mild red flag suggesting the underlying loan is significantly larger than the value of pledged shares, but no trigger thresholds under takeover regulations have been breached.