Finkurve Financial Services Corrects Pledge Release Disclosure Data After Exchange Query
Finkurve Financial Services has submitted a revised disclosure to stock exchanges correcting significant errors in the pledge release data for promoter Ketan Kothari. The correction revises the encumbered shares from 90,75,000 to 1,50,00,000 and the percentage from 6.48% to 10.71%. The disclosure confirms the release of 90,75,000 equity shares from pledge with Muthoot Exim Private Limited on April 08, 2026, under SEBI takeover regulations.
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Finkurve Financial Services has submitted a revised disclosure to stock exchanges regarding the release of pledge against shares held by promoter Ketan Bhawarlal Kothari. The correction addresses significant data errors identified by the exchanges in the company's original April 08, 2026 filing under SEBI takeover regulations.
Disclosure Correction Details
The company acknowledged substantial errors in its initial submission, where critical shareholding data was incorrectly reported. Company Secretary Kajal Kunal Parmar informed both BSE Limited and National Stock Exchange that the number of shares in the "Promoter holding already encumbered" column was inadvertently mentioned as 90,75,000 instead of 1,50,00,000. Consequently, the percentage in the said column was mentioned as 6.48% instead of 10.71%.
| Parameter: | Incorrect Data | Correct Data |
|---|---|---|
| Encumbered Shares: | 90,75,000 | 1,50,00,000 |
| Percentage: | 6.48% | 10.71% |
Pledge Release Transaction
The revised disclosure confirms that promoter Ketan B Kothari released 90,75,000 equity shares from pledge with Muthoot Exim Private Limited on April 08, 2026. This transaction was described as "Release towards third Party Pledge" in the regulatory filing submitted on April 30, 2026.
| Shareholding Details: | Before Release | After Release |
|---|---|---|
| Total Holding: | 25,531,337 shares (18.23%) | 25,531,337 shares (18.23%) |
| Encumbered Shares: | 15,000,000 shares (10.71%) | 5,925,000 shares (4.23%) |
| Released Shares: | - | 9,075,000 shares (6.48%) |
Promoter Group Holdings
The disclosure provides comprehensive details of all promoter holdings in Finkurve Financial Services. The promoter group includes several family members with varying shareholdings as of the reporting date:
| Promoter Name: | Shareholding | Percentage |
|---|---|---|
| Mohinidevi Bhanwarlal Kothari: | 40,502,993 shares | 28.92% |
| Ketan B Kothari: | 25,531,337 shares | 18.23% |
| Kalawati Prithviraj Kothari: | 9,044,100 shares | 6.46% |
| Namita Ketan Kothari: | 1,806,000 shares | 1.29% |
| Devkumari Manekchand Kothari: | 1,483,270 shares | 1.06% |
| Bhavna Ashwin Bafna: | 402,500 shares | 0.29% |
Regulatory Compliance
The revised submission was made pursuant to Regulation 31(1) and 31(2) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. Both the company and the promoter submitted separate but coordinated disclosures on April 30, 2026, to ensure complete regulatory compliance. The correction followed queries from stock exchanges regarding discrepancies in the original filing, demonstrating the exchanges' active monitoring of disclosure accuracy.
Historical Stock Returns for Finkurve Financial Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.22% | -0.87% | +29.13% | -37.42% | -36.74% | -36.74% |
Will Finkurve Financial Services face any regulatory penalties or sanctions from SEBI for the significant disclosure errors in the original filing?
What strategic plans might Ketan Kothari have for the 9.075 million shares now released from pledge with Muthoot Exim Private Limited?
How will this substantial reduction in encumbered shares from 10.71% to 4.23% impact Finkurve's ability to secure future financing or credit facilities?
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