Executive Summary
The June 13, 2026, MCA Merger & Acquisition Tracker digest reveals a market dominated by low-materiality regulatory filings (SAST disclosures, pledge releases) with only a few high-impact corporate actions.
The most significant event is JSW Energy's ₹1,410 crore acquisition of Maruti Clean Coal and Power Limited, a mixed-signal deal that strengthens its thermal portfolio but faces stagnant target revenue and regulatory hurdles. Two filings for NRB Bearings highlight a major de-risking event, with promoters releasing pledges on 20.22% of shares, reducing encumbered stake from 31.64% to 11.42%, a strong positive signal for financial flexibility. Conversely, Adishakti Loha and Ispat shows a high-risk flag with a promoter pledging 100% of his holdings for personal margin trading. The overall theme is one of corporate housekeeping and incremental insider moves, with no transformative M&A or sector-wide consolidation trends emerging from this batch. The digest is heavily weighted toward procedural compliance filings, limiting the depth of actionable investment signals.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: M&A · Company update
Tracking the trend? Catch up on the prior India Merger Acquisition MCA Regulatory Filings digest from June 06, 2026.
Investment Signals (10)
- NRB Bearings (BULLISH)▲
Promoter released pledges on 20.22% of total shares (1,96,00,000 equity shares), reducing encumbered promoter stake from 31.64% to 11.42%. The coverage ratio was a healthy 7.35:1 against a ₹65 crore loan. This significantly de-risks the stock and signals improved promoter financial health.
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Acquired Maruti Clean Coal & Power for ₹1,410 crore EV (300 MW thermal). The target generated ₹279 crore EBITDA in FY26, implying an EV/EBITDA of ~5.1x, which appears attractive. However, revenue has been stagnant (₹789 Cr in FY24, ₹754 Cr in FY25, ₹787 Cr in FY26), and the deal is contingent on regulatory approvals. [MIXED/BULLISH on valuation, BEARISH on growth]
- Adishakti Loha and Ispat ↓ (BEARISH)▲
Promoter Pawan Kumar Mittal pledged 100% of his shareholding (11.25% of total capital) for personal margin trading. This is a strong negative signal of promoter financial distress and creates a risk of forced selling if margin calls are triggered.
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An inter-se promoter gift transfer of 11.16% shares (18,05,405 shares) is scheduled for June 18, 2026. While no consideration is involved, this large internal transfer could precede a restructuring or consolidation of promoter holdings, warranting monitoring. [NEUTRAL with potential catalyst]
- Tera Software ↓ (NEUTRAL)▲
Completed acquisition of remaining 26% stake in TSIPL for ₹1.26 lakhs, making it a wholly owned subsidiary. The trivial deal size (₹48.5 per share) suggests a clean-up of a dormant subsidiary rather than a strategic expansion.
- Archean Chemical Industries ↓ (BEARISH)▲
A pledge of 6.40% of shares (79,00,000 equity shares) was created by Chemikas Speciality LLP in favor of lenders. This is a material encumbrance by a non-promoter entity, potentially signaling financial stress at the pledgor level.
- Gokul Refoils & Solvent (NEUTRAL)▲
Promoter group member Bhikhiben Rajput acquired a token 6,200 shares (0.0063% of voting capital), increasing promoter group holding to 73.55%. The minuscule size suggests a symbolic gesture rather than a conviction buy.
- Jaro Institute of Technology ↓ (NEUTRAL)▲
Promoter Sanjay Salunkhe acquired 15,326 shares (0.07% of voting capital), a marginal increase from 55.23% to 55.29%. This is a low-conviction insider buy.
- Sammaan Capital ↓ (NEUTRAL)▲
NCLT Delhi allowed the first motion application for the scheme of arrangement with its wholly owned subsidiary Sammaan Finserve. The tribunal dispensed with creditor meetings, signaling a smooth path. The scheme is expected to be value-neutral but simplifies the corporate structure.
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A substantial acquisition filing by individuals Guttikonda Rajasekhar & Guttikonda Vara Lakshmi was made, but with zero deal details. The lack of transparency is a red flag, and the 'technology' sector classification may be inaccurate. [BEARISH due to opacity]
Risk Flags (9)
- Adishakti Loha and Ispat / Promoter Pledge↓ [HIGH RISK]▼
100% of promoter's 11.25% stake is pledged for personal margin trading. This creates a high risk of forced liquidation if the stock price falls, potentially triggering a downward spiral.
- JSW Energy / Regulatory Hurdles↓ [MEDIUM RISK]▼
The MCCPL acquisition is contingent on land transfer clearance from the Chhattisgarh government and lender consents. Any delay or denial could scupper the deal, and the long stop date is July 31, 2026, creating time pressure.
- JSW Energy / Stagnant Target Revenue↓ [MEDIUM RISK]▼
MCCPL's revenue has been flat at ~₹787 crore for three years (FY24-26). The acquisition is priced on FY26 EBITDA, but without revenue growth, the return on investment may be lower than expected.
- Archean Chemical Industries / Non-Promoter Pledge↓ [MEDIUM RISK]▼
A 6.40% stake was pledged by Chemikas Speciality LLP. While not a promoter action, such a large pledge by a shareholder could indicate financial distress and potential overhang if the lender decides to sell.
- Lippi Systems / Opacity↓ [HIGH RISK]▼
The filing provides zero details on deal value, shares acquired, or pricing. This lack of transparency is a governance red flag and makes it impossible to assess the materiality or intent of the acquisition.
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The SAST filing for Manubhai Amrutlal Shah lacks any quantitative data. This is a recurring theme in this batch, suggesting either low-quality filings or deliberate opacity. [LOW RISK due to small size]
- ▼
The filing is tagged as 'technology' but the company is an infrastructure/construction firm. This data quality issue could lead to misanalysis and missed signals.
- Shivalik Bimetal Controls / Incomplete Data↓ [LOW RISK]▼
The SAST filing for Sumer Ghumman provides no details on shares acquired or price. This limits any assessment of strategic intent.
- NRB Bearings / Remaining Pledge [LOW RISK]▼
Despite the large release, 11.42% of promoter shares (₹477.72 crore market value) remain encumbered. This is still a material amount, though the coverage ratio is high.
Opportunities (7)
- NRB Bearings / De-risking Catalyst (OPPORTUNITY)◆
The 63% reduction in promoter pledge (from 31.64% to 11.42%) removes a significant overhang. With a coverage ratio of 7.35x, the remaining pledge is well-covered. This could lead to a re-rating as the stock de-risks.
- JSW Energy / Attractive Valuation↓ (OPPORTUNITY)◆
The MCCPL acquisition at ~5.1x EV/EBITDA (based on FY26 EBITDA of ₹279 Cr and EV of ₹1,410 Cr) is cheap compared to thermal power peers. If regulatory approvals come through and the asset is optimized, there is significant upside.
- Sammaan Capital / NCLT Scheme Progress↓ (OPPORTUNITY)◆
The NCLT allowing the first motion and dispensing with creditor meetings suggests a smooth approval process. The scheme could unlock value by simplifying the corporate structure, though the impact is likely neutral in the near term.
- Yug Decor / Promoter Restructuring↓ (SPECULATIVE OPPORTUNITY)◆
The inter-se gift transfer of 11.16% shares could be a precursor to a larger corporate action, such as a delisting or a merger. Monitoring for subsequent filings could yield an early entry point.
- Tera Software / Clean-up Complete↓ (SPECULATIVE OPPORTUNITY)◆
Making TSIPL a wholly owned subsidiary removes a minority interest and simplifies the group structure. This could be a precursor to a sale or merger of TSIPL, unlocking value.
- Gokul Refoils / High Promoter Holding↓ (LOW PROBABILITY OPPORTUNITY)◆
With promoter group holding at 73.55%, the company has a very stable ownership structure. Any future open market purchases could trigger open offer obligations, providing a premium exit.
- Ironwood Education / Capri Global Entry↓ (SPECULATIVE OPPORTUNITY)◆
Capri Global Ventures' acquisition (though undisclosed details) could bring financial strength and strategic direction. If Capri Global has a turnaround plan, Ironwood could be a value play.
Sector Themes (5)
- Thermal Power Consolidation◆
JSW Energy's acquisition of MCCPL is a rare example of thermal power M&A in a market focused on renewables. The deal highlights that thermal assets with long-term fuel agreements (SECL) and PPAs still have value, especially at attractive valuations (~5x EBITDA).
- Promoter De-leveraging◆
NRB Bearings' massive pledge release (20.22% of shares) is a positive outlier. It suggests that some promoters are using improved cash flows or refinancing to reduce debt, which could be a broader trend in the engineering sector.
- High Pledge Risk in Small Caps◆
Adishakti Loha and Ispat's 100% promoter pledge for personal trading is a stark reminder of the risks in small-cap stocks. Investors should scrutinize promoter pledge levels, especially when used for non-business purposes.
- Low-Impact SAST Filings Dominate◆
The vast majority of filings (12 out of 19) are routine SAST disclosures with no deal value or strategic rationale. This suggests a lack of transformative M&A activity in the current period, with the market focused on compliance rather than deal-making.
- Data Quality Issues◆
Multiple filings (Vishnu Prakash, Shivalik Bimetal) have sector misclassifications or incomplete data. This is a systemic risk for automated analysis and highlights the need for manual verification of exchange-tagged data.
Watch List (7)
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Watch for regulatory approvals from Chhattisgarh government and lenders. Long stop date July 31, 2026. Any delay or denial could impact the stock. [Date: July 31, 2026]
- NRB Bearings / Promoter Pledge👁
Monitor for any further pledge releases or re-pledging. The remaining 11.42% encumbered stake is still material. [Ongoing]
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The gift deed transfer of 11.16% shares is proposed on or after June 18, 2026. Watch for subsequent filings that could indicate a larger restructuring. [Date: June 18, 2026]
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With 100% promoter pledge for margin trading, any sharp decline in the stock price could trigger a margin call and forced selling. [Ongoing]
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Watch for the next NCLT hearing and the filing of the application for clarifications. The scheme's approval timeline is key. [Ongoing]
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The opaque filing by Guttikonda Rajasekhar & Guttikonda Vara Lakshmi needs clarification. Watch for any subsequent disclosures on share count or pricing. [Ongoing]
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Monitor for any open offer or further stake acquisition by Capri Global Ventures. The lack of details in the initial filing suggests more news may follow. [Ongoing]
Filing Analyses
(19)
13-06-2026
Affle 3i Limited, through its wholly owned step-down subsidiary Affle MEA FZ-LLC (AMEA), has entered into a definitive Asset Purchase Agreement to acquire AdColony Assets from Digital Turbine, Inc. (NASDAQ: APPS) for a fixed upfront cash consideration of USD 4.70 million. The acquisition includes the AdColony SDK for iOS and Android, tech platform, publisher integrations, brand name, domain, and goodwill, and is expected to close within 7 business days. This strategic acquisition aims to enhance Affle's consumer platform by increasing consumer touchpoints and improving audience intelligence for advertisers, while also helping penetrate developed markets more effectively.
- · The acquisition is on a slump sale basis without any customer contracts.
- · The transaction is not a related party transaction and is done at arm's length.
- · No governmental or regulatory approvals are required for the acquisition.
- · AMEA has worldwide rights to use the acquired Assets.
- · The target industry is Mobile Advertising Technology.
13-06-2026
Shivalik Bimetal Controls Limited filed a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, regarding Sumer Ghumman. The filing is purely a regulatory disclosure of an acquisition of shares, but no deal size, valuation, strategic rationale, or financial impact is provided. The analysis is limited by the absence of quantitative data and transaction details.
- · The filing is a disclosure under Regulation 29(2) of SEBI SAST Regulations, indicating an acquisition of shares by Sumer Ghumman.
- · No details on the number of shares acquired, price, or resulting shareholding percentage are provided.
- · The sector is classified as technology, though Shivalik Bimetal Controls is primarily a manufacturer of bimetal strips and engineered materials.
13-06-2026
JSW Energy signed a definitive agreement to acquire 100% equity shares of Maruti Clean Coal and Power Limited (MCCPL) for an enterprise value of ₹1,410 crore (subject to closing adjustments), strengthening its thermal portfolio by 300 MW. MCCPL’s FY26 EBITDA was ~₹279 crore, and the asset is described as EBITDA and PAT-accretive. However, the target’s revenue has been stagnant (FY24: ₹789 crore; FY25: ₹754 crore; FY26: ₹787 crore), and the acquisition is contingent on regulatory approvals (e.g., land transfer clearance from Chhattisgarh government and existing lender consents).
- · The transaction's long stop date is July 31, 2026.
- · MCCPL's plant supplies 5% power at variable cost to Chhattisgarh discom and ~64 MW to merchant market.
- · Coal for the plant is secured through a long-term Fuel Supply Agreement with SECL and SHAKTI linkage.
- · JSW Energy aims to achieve 30 GW generation capacity and 40 GWh energy storage capacity by 2030.
- · The company also targets carbon neutrality by 2050.
- · MCCPL's revenue has been largely flat over three years, with a decline from ₹789 crore (FY24) to ₹754 crore (FY25), before a partial recovery to ₹787 crore (FY26).
- · Advisors involved: Khaitan & Co (legal), BDO India (financial/tax due diligence), Roots Legal (land due diligence).
13-06-2026
Promoter Harshbeena Sahney Zaveri released pledges on 1,96,00,000 equity shares (20.22% of total share capital) of NRB Bearings Limited on June 11-12, 2026, following pre-payment of loans. Post-release, encumbered promoter shares stand reduced to 1,10,68,681 equity shares, amounting to 25.53% of total promoter shareholding (44.73%). The release significantly reduces the promoter's pledged stake, improving financial flexibility.
- · The total market value of promoter Harshbeena Sahney Zaveri's encumbered shares was ₹477.72 Crore as on June 12, 2026, against an encumbrance amount of ₹65 Crore, resulting in a coverage ratio of 7.35:1.
- · The pledges were released by two NBFCs: Tata Capital Limited (69,00,000 shares) and Aditya Birla Capital Limited (1,27,00,000 shares).
- · Post-release, the promoter's encumbered shares dropped from 31.64% to 11.42% of total share capital.
- · Other promoters (Trilochan Santsingh Sahney Trust 1, Aziz Yousuf Zaveri, etc.) had no encumbered shares as of reporting date.
13-06-2026
Vishnu Prakash R Punglia Limited has filed a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, regarding Mrs. Pushpa Pungalia. The filing is a regulatory compliance disclosure with no details on deal structure, valuation, or strategic rationale. No financial metrics, transaction value, or shareholding changes are disclosed, limiting actionable insights.
- · The filing is under Regulation 29(2) of SEBI SAST, which typically requires disclosure when a person acquires or ceases to be a person acting in concert with the acquirer, or when there is a change in shareholding beyond specified thresholds.
- · No details on the number of shares acquired, price, or resulting shareholding percentage are provided in the summary.
- · The sector is listed as 'technology', but Vishnu Prakash R Punglia Limited is primarily an infrastructure/construction company, suggesting a possible misclassification or error in the source data.
13-06-2026
Centrum Capital Ltd filed a disclosure under SEBI SAST Regulations 31(1) and 31(2) on June 12, 2026, for Business Match Services. No financial details, deal structure, or strategic rationale were disclosed in the filing.
13-06-2026
Harshbeena Sahney Zaveri, a promoter of NRB Bearings Limited, released a total of 1,96,00,000 pledged equity shares (20.22% of total share capital) on June 11 and 12, 2026. This reduced the promoter's encumbered shares from 3,06,68,681 (31.64%) to 1,10,68,681 (11.42%), while total promoter holding remained unchanged at 4,02,07,885 shares (41.48%). The release significantly de-risks the promoter's stake, though the remaining pledge of 11.42% still represents a material encumbrance.
- · The release was executed in two tranches: 69,00,000 shares on June 11, 2026 and 1,27,00,000 shares on June 12, 2026.
- · Total promoter holding remained unchanged at 4,02,07,885 shares (41.48% of total share capital) before and after the release.
- · The company's total equity share capital is 9,69,22,600 equity shares of ₹2 each.
- · The filing was made under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
13-06-2026
Bhikhiben Balvantsinh Rajput acquired 6,200 equity shares (0.0063% of voting capital) of Gokul Refoils & Solvent Limited on June 11, 2026, increasing her holding from 22.9561% to 22.9624%. The acquisition was made in the open market and the acquirer, along with PACs, holds 73.55% of the total voting capital post-transaction.
- · The acquisition was made under Regulation 29(2) of SEBI (SAST) Regulations, 2011.
- · The acquirer's PACs include Balvantsinh Chandansinh Rajput (24.63%), Dharmendrasinh Rajput (8.30%), Arjunsinh Rajput (1.74%), and Profitline Securities Pvt. Ltd. (15.92%).
- · No shares were encumbered before or after the transaction.
- · The equity share capital of the company is ₹19,79,90,000 divided into 9,89,95,000 equity shares of ₹2 each.
13-06-2026
Sanjay Namdeo Salunkhe, a promoter of Jaro Institute of Technology Management and Research Limited, acquired 15,326 equity shares (0.07% of voting capital) via open market purchase on June 12, 2026. Post-acquisition, his total holding increased marginally from 55.23% to 55.29% of the voting capital, representing a very small increase in promoter stake. The filing was made under SEBI SAST Regulations.
- · The acquisition was made through open market purchase on June 12, 2026.
- · The total diluted share capital of the company after the acquisition is 2,23,89,920 equity shares of ₹10 each.
- · The promoter's stake increased by only 0.06% in terms of voting capital (from 55.23% to 55.29%) and by 0.07% in terms of diluted capital (from 54.93% to 55.00%).
- · No shares were reported as encumbered (pledged) either before or after the acquisition.
13-06-2026
Yug Decor Limited has received prior intimation under SEBI SAST Regulations for an inter-se transfer of 18,05,405 shares (11.16% of total share capital) by way of gift deed from Santosh Kumar Saraswat and Abha Santoshkumar Saraswat (transferors) to Nisha Chandresh Saraswat (acquirer), all within the promoter and promoter group. The transaction involves no consideration and will not change the total promoter group shareholding. Post-transfer, Nisha Chandresh Saraswat's holding will increase from 8.01% to 19.17%, while the transferors will cease to hold shares.
- · The transfer is exempt from open offer requirements under Regulation 10(1)(a)(ii) of SEBI SAST Regulations, as the transferors are qualifying persons named as promoters for at least three years prior.
- · The proposed acquisition date is on or after June 18, 2026.
- · No change in total promoter group shareholding after the inter-se transfer.
- · The acquirer's shareholding will increase from 1,29,712 shares (8.01%) to 31,02,517 shares (19.17%).
- · Transferor Santosh Kumar Saraswat held 5,60,709 shares (3.46%) before transfer; Abha Santoshkumar Saraswat held 12,44,696 shares (7.69%).
13-06-2026
Capri Global Ventures Pvt Ltd has filed a disclosure under Regulation 29(1) of SEBI (SAST) Regulations, 2011 regarding Ironwood Education Ltd. The filing is a procedural SAST disclosure and does not contain any financial details, deal valuation, or strategic rationale. No specific transaction value, share count, or financial metrics are disclosed.
13-06-2026
Bacil Pharma Ltd. filed a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, regarding Manubhai Amrutlal Shah. The filing is a regulatory disclosure of a substantial acquisition of shares, but no specific deal structure, valuation, or strategic rationale is provided. The filing lacks quantitative data on transaction value, share count, or financial metrics, making it purely informational with no actionable investment signal.
13-06-2026
Lippi Systems Ltd. disclosed a substantial acquisition under SEBI (SAST) Regulation 29(1) on June 13, 2026. The filing identifies acquirers Guttikonda Rajasekhar and Guttikonda Vara Lakshmi, but does not disclose deal value, number of shares, percentage acquired, or pricing. Without key transactional data (size, valuation, shareholding change), the analysis is severely limited; only the regulatory filing and party names are available from the filing.
- · Filing made to BSE (Scrip Code: 526604) on June 13, 2026.
- · Acquirers are Guttikonda Rajasekhar & Guttikonda Vara Lakshmi (individuals, not corporate entities).
- · Transaction sector classified as 'technology' by the exchange.
- · No details on pre- or post-acquisition shareholding of acquirers.
- · No information on pricing or whether open market purchase or negotiated deal.
13-06-2026
CTL Trusteeship Limited, acting as Security Trustee for lenders, has created a pledge over 79,00,000 equity shares of Archean Chemical Industries Limited, representing 6.40% of the company's total diluted share capital. The pledge was created on June 10, 2026, and disclosed to the stock exchanges on June 12, 2026. This encumbrance does not involve any change in ownership or voting rights of the acquirer, and no prior holdings were reported by CTL Trusteeship Limited.
- · The pledge was created by M/s Chemikas Speciality LLP (the pledgor) in favor of CTL Trusteeship Limited acting as Security Trustee for the benefit of lender(s).
- · CTL Trusteeship Limited is not part of the Promoter/Promoter group of Archean Chemical Industries.
- · No prior encumbrance or shareholding was reported by CTL Trusteeship Limited before this acquisition.
- · The total diluted share capital of the company remains unchanged at ₹12,34,58,394 (face value ₹2 each).
13-06-2026
Maagh Advertising and Marketing Services Ltd filed a declaration under SEBI (Substantial Acquisition & Takeovers) Regulations, 2011 for the year ended March 31, 2026, confirming that promoters and persons acting in concert have not created any encumbrance on their shares beyond what was already disclosed. The filing is a routine compliance submission with no new financial or operational data.
- · Filing is a declaration under Regulation 31(4) of SEBI (Substantial Acquisition & Takeovers) Regulations, 2011.
- · No new encumbrances were created on promoter shares during FY ended March 31, 2026.
- · The declaration was submitted by Miniboss Consultancy Pvt Ltd on behalf of promoters and promoter group.
13-06-2026
Tera Software Limited has completed the acquisition of the remaining 2,600 equity shares (₹10 each) of TS Innovations Private Limited (TSIPL) from Sitra Infotech Private Limited, a promoter group entity, for a total consideration of ₹126,000. This transaction increases Tera Software's stake in TSIPL from 74% to 100%, making TSIPL a wholly owned subsidiary effective June 13, 2026. The acquisition is an inter-se transfer among promoter group entities and does not result in any change in control or business operations of TSIPL.
- · The acquisition was approved by the Board of Directors on May 16, 2025.
- · The acquisition is classified as a related party transaction as it involves a promoter group entity.
- · TSIPL is engaged in IT/software-related activities.
- · No governmental or regulatory approvals were required for the acquisition.
- · The acquisition does not result in any change in control or business operations of TSIPL.
13-06-2026
NCLT Delhi has allowed the first motion application for the scheme of arrangement between Sammaan Capital Limited (formerly Indiabulls Housing Finance) and its wholly owned subsidiary Sammaan Finserve Limited. The tribunal dispensed with meetings of equity shareholders of the demerged company (SFL) and meetings of secured/unsecured creditors of both companies, but directed a virtual meeting of equity shareholders of Sammaan Capital (the resulting company) to approve the scheme. Sammaan Capital will also file an application seeking clarifications/modifications to the order.
- · NCLT order dated June 12, 2026 was uploaded on the same day on the NCLT website.
- · Sammaan Capital will file an application for clarifications/modifications to the order.
- · The scheme does not envisage any compromise with secured or unsecured creditors of either company; the resulting company is stated to have positive net worth post-scheme implementation.
- · SFL is a wholly owned subsidiary of SCL, incorporated on July 7, 2006, and is an NBFC-ICC (middle layer) registered with RBI.
- · SFL primarily provides retail mortgage loans (home loans and LAP) to self-employed individuals, small businesses, and underserved/semi-urban markets.
- · The meeting of equity shareholders of Sammaan Capital will be conducted via video conferencing or other audio-visual means.
13-06-2026
Janus Corporation Ltd filed a declaration under SEBI's Substantial Acquisition & Takeovers Regulations for the year ended March 31, 2026. The filing is a routine compliance submission and does not disclose any specific financial figures, transactions, or performance metrics.
- · Filing date: June 13, 2026
- · Declaration under Regulation 31(4) of SEBI (Substantial Acquisition & Takeovers) Regulations, 2011
- · Company incorporated in 1998
- · CIN: U74999MH1998PLC117279
- · Scrip Code: 542924
13-06-2026
Pawan Kumar Mittal, promoter of Adishakti Loha and Ispat Limited, has encumbered 1,412,525 equity shares (11.25% of total share capital) in favor of MSB e-trade Securities Limited. The pledge was created on March 16, 2026, and the funds will be used for margin requirements for trading in personal capacity. The encumbered shares represent 100% of the promoter's shareholding, indicating a high level of promoter pledge.
- · The encumbrance was created on March 16, 2026.
- · The volume weighted average price used for valuation is ₹13.50 per share as on June 25, 2021.
- · The aggregate amount proposed to be borrowed is not specified in the filing.
- · The entity in whose favor shares are encumbered, MSB e-trade Securities Limited, operates as a stockbroker and trading platform.
- · The encumbrance is not related to any debt instrument, debenture, or commercial paper.
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