Camlin Fine Sciences promoter Ashish Subhash Dandekar has disclosed the creation of pledges on equity shares through three separate transactions conducted between March 11-12, 2026. The disclosure, made under SEBI SAST Regulations on March 17, 2026, details pledging activities totaling 45.25 lakh shares representing 2.35% of the company's total share capital.

Share Pledging Transactions

The pledging occurred through three distinct transactions with different financial entities. The largest transaction involved pledging 34.75 lakh shares (1.81% of total share capital) with LRSD Securities Private Limited on March 11, 2026. This was followed by two transactions on March 12, 2026 - one involving 9.50 lakh shares (0.49%) with BHN Capital and another involving 1.00 lakh shares (0.05%) with Ashika Credit Capital Limited.

Promoter Shareholding Impact

Dandekar holds 1.98 crore shares representing 10.30% of Camlin Fine Sciences' total share capital. Following the recent pledging activities, his total encumbered shareholding has reached 1.33 crore shares, representing 6.94% of the company's total share capital and 67.37% of his promoter holding.

Purpose and Security Coverage

The share pledges were created to facilitate borrowing by the target company and provide additional margin coverage for financial assistance. The security coverage ratios vary across transactions, with the LRSD Securities transaction showing a ratio of 3.30 (share value of ₹49.56 crore against borrowing of ₹15.00 crore) and the BHN Capital transaction showing a ratio of 2.75 (share value of ₹13.77 crore against borrowing of ₹5.00 crore).

Regulatory Compliance

The disclosure was made in compliance with Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The promoter's encumbered shareholding exceeds 50% of his total promoter holding but remains below 20% of the company's total share capital, triggering specific disclosure requirements under the regulations.

Camlin Fine Sciences Limited has informed stock exchanges about a significant update regarding its mandatory tender offer for Vinpai shares, announcing a postponement of the filing timeline and a strategic decision to maintain Vinpai's market listing.

Tender Offer Timeline Adjustment

The company has postponed the filing of its simplified cash tender offer (OPAS) for remaining Vinpai shares from the originally planned end of February 2026 to early May 2026. This delay stems from administrative constraints specific to Indian foreign exchange regulations and the scheduled publication of Vinpai's 2025 annual financial statements on April 16, 2026.

Current Ownership Structure

Following the block acquisition completed on November 27, 2025, and subsequent convertible bond conversion, Camlin Fine Sciences has established a dominant position in Vinpai. The block acquisition involved purchasing a majority stake from significant shareholders at Euro 3.60 per share, representing 78.68% of share capital and 84.89% of voting rights.

Strategic Decision on Listing Status

In a notable strategic shift, Camlin Fine Sciences has announced its decision not to implement a squeeze-out procedure for Vinpai shares from the Euronext Growth Paris market. This decision reflects the company's broader European restructuring plans and desire to promote synergies among its European subsidiaries.

The company cited several benefits of maintaining Vinpai's listing:

• Retention of market visibility
• Continued access to financial markets
• Support for debt restructuring initiatives
• Financing flexibility for future European development projects

Regulatory Compliance and Documentation

The postponed filing will allow Vinpai's 2025 annual financial statements to be incorporated into the OPAS documentation and the independent expert's report. The tender offer will be filed pursuant to Articles 234-2 and 235-2 of the General Regulation of the French Stock Markets Authority, maintaining the same price structure as the original block acquisition.

European Expansion Strategy

Camlin Fine Sciences, described as a leading Indian group in shelf life solutions for flavour and health & wellness ingredients, is examining feasible options for restructuring its European operations. The decision to maintain Vinpai's listing aligns with the company's strategy to strengthen its presence in Europe and create operational synergies among its European subsidiaries.