Amit Dahanukar has Submitted to the Exchange a copy of Disclosure under Regulation 31(1) and 31(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Promoter Amit Dahanukar, on behalf of the entire promoter group, has created a Non-Disposal Undertaking (NDU) on December 22, 2025 in favour of Catalyst Trusteeship Limited, acting as common security trustee for lenders ICICI Bank and Kotak Mahindra Bank. The encumbrance covers 94.25% of promoter shareholding, which equates to roughly 29.7% of total share capital, crossing both the 50%-of-promoter and 20%-of-total-capital disclosure thresholds. Total promoter holding in the company stands at about 31.50% (7.74 crore shares). The filing explicitly clarifies that this is NOT a pledge but an NDU given as part of the company's working capital financing arrangement.
The high encumbrance level signals significant leverage and tight banking covenants; promoters are locked in and cannot sell shares or lose control without lender consent, and any breach triggers mandatory prepayment and event of default. For shareholders, this points to the company relying on promoter backing for working capital but also raises concentration risk if conditions are not met.