Promoter Smiti Holding and Trading Company Private Limited has pledged 9,17,000 equity shares of Asian Paints to Bajaj Finance Limited for loan purposes. The transaction, executed on September 9, 2026, represents 0.10% of the company’s total share capital.

The disclosure was filed with the stock exchanges on September 11, 2026, pursuant to Regulation 31(1) and 31(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing details the creation of an encumbrance on the promoter’s holdings.

Pledge Details

Prior to this transaction, Smiti Holding had 3,50,74,000 shares already encumbered, accounting for 3.66% of the total share capital. Following the new pledge, the total number of encumbered shares held by the entity rose to 3,59,91,000, or 3.75% of the total share capital.

Smiti Holding maintains a total holding of 5,14,42,638 shares in Asian Paints, which constitutes 5.36% of the company’s total share capital and 5.36% of its diluted share capital.

Other Promoter Holdings

The filing also listed the shareholdings of other promoters and promoter group entities as of September 4, 2026. None of these entities reported any new encumbrances during this period. Key holdings include:

• Dipika Amar Vakil: 1,27,61,340 shares (1.33%)
• Late Abhay Arvind Vakil: 1,24,18,060 shares (1.29%)
• Vivek Abhay Vakil: 68,12,369 shares (0.71%)
• Bhairavi Abhay Vakil: 60,64,322 shares (0.63%)
• Nehal Abhay Vakil: 57,38,489 shares (0.60%)

Satyen Ashwin Gandhi and Hiren Ashwin Gandhi hold existing encumbrances of 18,91,500 shares (0.20%) and 12,94,227 shares (0.13%) respectively, but no changes were reported in this filing.

Asian Paints shareholders have approved the appointment of Ms. Shubhlakshmi Dani as a Non-Executive Director, liable to retire by rotation. The ordinary resolution was deemed passed on September 9, 2026, following the conclusion of the postal ballot process.

The Board of Directors had initially approved her appointment as an Additional and Non-Executive Director with immediate effect on July 29, 2026, subject to shareholder approval. This decision was based on the recommendation of the Nomination and Remuneration Committee. Ms. Dani’s Director Identification Number (DIN) is 02942138.

Ms. Dani is a member of the Promoter Group. She is the spouse of Mr. Hasit Dani, a former Non-Executive Director, and the sister-in-law of Mr. Malav Dani, a current Non-Executive Director. She has confirmed she is not disqualified under Section 164 of the Companies Act, 2013, nor debarred by SEBI or any other authority.

Voting Breakdown

The company conducted voting exclusively through remote e-voting, mandated by the Companies Act, 2013 and SEBI Listing Regulations. Makarand M. Joshi & Co., Practicing Company Secretaries, served as the scrutinizer. The voting window ran from August 11, 2026, to September 9, 2026.

A total of 78,80,63,977 votes were polled out of 95,91,97,790 shares held by shareholders as on the record date of July 31, 2026. This represents a participation rate of 82.15%.

The resolution received 75,24,87,634 votes in favor and 3,55,76,343 votes against. The approval rate stood at 95.48% of the votes polled.

What the Numbers Show

The promoter group demonstrated unanimous support for the appointment, casting 100% of their polled votes in favor. However, public institutional investors accounted for nearly all dissent, with 11.98% of their votes cast against the resolution. Public non-institutional investors showed stronger support, approving the move at a rate of 93.95%.

Voting rights on shares held by the Asian Paints Employees Stock Ownership Trust and those transferred to the Investor Education and Protection Fund were frozen. Additionally, voting rights for Foreign Portfolio Investors who failed to submit required disclosures under SEBI Master Circular No. SEBI/HO/AFD/AFD-PoD-2/P/CIR/2024/70 were restricted.