Ajanta Pharma Limited promoter Aayush Agrawal has created a pledge on 30,000 equity shares of the company. The disclosure was made to stock exchanges on October 16, 2026, citing a top-up call triggered by a reduction in the share price.

This action increases the total number of encumbered shares held by the Aayush Agrawal Trust to 1,21,32,386. These pledged shares now represent 9.71% of the company's total share capital, up from the previous level of 9.69%.

Regulatory Disclosure Details

The pledge was created in favor of CTL Trusteeship Limited. The disclosure was filed under Regulation 31(1) and 31(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The specific reason for the new encumbrance is explicitly stated as a "Top up call due to share price reduction," indicating that existing collateral requirements were breached as market values declined.

Promoter Holding Structure

Aayush Agrawal acts as the trustee for the Aayush Agrawal Trust. The table below details the shareholding and encumbrance status for the key promoter entities as reported in the filing:

What the Numbers Show

The data reveals a high concentration of pledged shares within the primary promoter group. While the newly pledged 30,000 shares constitute a minor addition to the overall holding, the cumulative encumbrance for the Aayush Agrawal Trust stands at 9.71% of total capital. When combined with other promoter entities like Gabs Investments Pvt Ltd (2.22%) and Ravi P Agrawal's trust (1.18%), a significant portion of the promoter group's stake is already encumbered. This structure highlights the sensitivity of the promoter's collateral position to market volatility, as evidenced by the immediate top-up call requirement.

Ajanta Pharma Limited saw an additional 26,21,067 equity shares pledged by its promoter group entities to secure debt instruments issued by affiliated companies. The disclosure was filed by CTL Trusteeship Limited, acting as the common security trustee.

The pledge supports secured, unlisted, redeemable, and non-convertible debentures issued by Lenexis Foodworks Private Limited and Inspira Realty 2 Private Limited. The total value of these debentures aggregates to ₹3,873 crore, comprising ₹3,373 crore from Lenexis Foodworks and ₹500 crore from Inspira Realty 2.

Pledge Details and Timeline

The additional pledge comprises two tranches executed in late 2026. Specifically, 21,61,067 shares were pledged on July 24, 2026, and 4,60,000 shares were pledged on September 28, 2026. These actions increased the total number of pledged shares held by the security trustee.

The entities involved in creating this encumbrance include Aayush Agrawal Trust, Aayush Agrawal, and Gabs Investments Private Limited. Under the transaction documents, these entities have undertaken covenants that constitute an encumbrance on their shareholding in Ajanta Pharma as defined under SEBI regulations.

Impact on Shareholding Structure

Following this additional pledge, the total number of pledged shares rose to 92,53,718. This represents 7.41% of the company's total voting capital, up from 5.31% prior to this transaction. The total diluted share capital of Ajanta Pharma stands at ₹25,01,71,848, corresponding to 12,50,85,924 equity shares with a face value of ₹2 each.

What the Numbers Show

While the specific pledge of shares increased by 26,21,067 units, the total number of encumbered shares (including those under covenants) decreased slightly from 1,69,12,924 to 1,63,32,924. This divergence suggests that some existing encumbrances or covenants may have been released or restructured concurrently with the new pledge creation, resulting in a net marginal decrease in total encumbered holdings despite the addition of new pledged collateral.

The disclosure was made pursuant to Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, highlighting the ongoing leverage within the promoter group's financial structure linked to non-listed entities.