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 February ....
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Anupam Rasayan India Ltd, one of the promoters of TANFAC Industries, has created a Non-Disposal Undertaking (NDU) on 25,73,081 equity shares of TANFAC (25.80% of total share capital) in favour of Axis Trustee Services Ltd, acting as security trustee for Axis Bank's Gift City branch. The encumbrance was created on February 20, 2026, to secure a USD 30 million external commercial borrowing (ECB) raised by Anupam Rasayan. The borrowed funds will be used for the acquisition of Monitchem Kansas S.À.R.L. and its subsidiaries, along with related costs. The encumbered shares are valued at approximately ₹1,106.5 crore, giving a security cover ratio of 4.05:1. Encumbered shares represent 49.79% of total promoter shareholding (51.81% of TANFAC), just under the 50% threshold. A share sub-division (₹10 to ₹5 face value) has also been approved.
This is a non-disposal undertaking, not a sale or pledge invocation, so the promoter is not reducing its stake in TANFAC. However, the encumbrance restricts the promoter's ability to freely deal with these shares until the USD 30M ECB is serviced. Investors should monitor Anupam Rasayan's ability to service this borrowing, as any default could trigger invocation of the encumbrance.