The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on February 28, 2026 for Anupam Rasayan India Ltd
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Anupam Rasayan India Limited, one of the promoters of TANFAC Industries, has created an encumbrance in the form of a non-disposal undertaking on 25,73,081 equity shares, representing 25.80% of TANFAC's total share capital and 49.79% of total promoter shareholding. The encumbrance was created on February 20, 2026, in favour of Axis Trustee Services Limited, which is acting as security trustee for Axis Bank Limited's Gift City branch. This secures a USD 30 million external commercial borrowing raised by Anupam Rasayan India Limited to fund its acquisition of Monitchem Kansas S.À.R.L. and its subsidiaries, plus related costs. The pledged shares are valued at about INR 110.65 crore, giving a healthy security cover of 4.05:1. TANFAC Industries itself is not a party to the loan agreement, and total promoter holding remains unchanged at 51.81%.
No change in promoter ownership of TANFAC, but nearly half of promoter shares are now encumbered, limiting flexibility. The move reflects leverage being taken at the promoter (Anupam Rasayan) level for an overseas acquisition, with TANFAC shares used as collateral — worth monitoring for any future invocation risk.