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 Ltd, one of the promoters of TANFAC Industries, has created a non-disposal undertaking on 25,73,081 equity shares, which is 25.80% of TANFAC's total share capital. This encumbrance is held by Catalyst Trusteeship Limited as onshore security trustee for offshore lender Altis XII Pte. Ltd., Singapore. The encumbrance relates to senior, secured notes of up to USD 20 million issued by Doriath S.À R.L., a wholly-owned subsidiary of Anupam Rasayan India Ltd. The shares carry a value of about ₹110.65 crore, giving a healthy security cover of 6.08 times the loan amount. Total promoter holding in TANFAC stands at 51.81%, with this encumbrance covering 49.79% of promoter shares — just under the 50% mark. The borrowed funds will be used to acquire Monitchem Kansas S.À R.L. and its subsidiaries.
This is not a pledge invocation or stake sale — the shares remain with the promoter. However, nearly half of the promoter's holding is now encumbered, which restricts their ability to dispose of these TANFAC shares until the obligation is settled. For shareholders, the key things to watch are the USD 20 million offshore loan servicing and the success of the Monitchem acquisition, which could indirectly affect Anupam Rasayan's promoter stance in TANFAC.