Choice International has received a disclosure from its promoter Patodia Properties Private Limited regarding the release of pledged shares under SEBI Takeover Regulations. The disclosure, dated March 13, 2026, pertains to the release of encumbrance on shares held by the promoter group.

Share Pledge Release Details

Patodia Properties Private Limited released pledge on shares of Choice International Limited on March 9, 2026. The key details of this transaction are presented below:

Updated Shareholding Position

Following the pledge release, Patodia Properties' encumbered shareholding in Choice International has been reduced significantly:

Promoter Group Holdings Overview

The disclosure also provides a comprehensive view of the entire promoter group's shareholding in Choice International. The promoter group collectively holds 12.78 crore shares, representing 57.37% of the total share capital. Key promoter group members include:

• Mrs. Vinita Sunil Patodia: 2.48 crore shares (11.13%)
• Mr. Arunkumar Poddar: 1.62 crore shares (7.27%)
• Mr. Kamal Poddar: 1.60 crore shares (7.18%)
• Mr. Suyash Sunil Patodia: 92.00 lakh shares (4.13%)

Regulatory Compliance

The disclosure was made in compliance with Regulation 31(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulation mandates promoters to inform stock exchanges about any encumbrance creation, release, or invocation on their shareholding. The disclosure was submitted to both BSE Limited and NSE Limited, where Choice International's shares are listed.

The release of pledge indicates improved financial flexibility for Patodia Properties Private Limited, as a portion of their shareholding is now free from encumbrance. This development provides the promoter with greater operational freedom regarding their stake in Choice International Limited.

Choice International Limited has officially completed the acquisition of the remaining 50% equity stake in Choice Insurance Broking India Private Limited for ₹62.50 crore, following approval from the Insurance Regulatory and Development Authority of India (IRDAI).

Official Acquisition Details

The transaction involved the purchase of 6,60,000 equity shares at ₹947 per share, including a premium of ₹937 per share over the face value of ₹10. The acquisition was completed following the company's earlier intimation and has transformed Choice Insurance Broking India Private Limited into a wholly-owned subsidiary.

Regulatory Compliance and Approvals

The acquisition received necessary approval from IRDAI, under which Choice Insurance operates as a registered member broker. The transaction was executed on an arm's length basis with Mr. Awjit Bhagat, who is not related to the company's promoters, ensuring compliance with regulatory requirements.

The company disclosed that this transaction does not constitute a related party transaction, as the shares were acquired from an independent stakeholder with no connection to the company's promoter group.

Target Company Performance

Choice Insurance Broking India Private Limited, incorporated under the Companies Act 1956, operates as an IRDA-registered insurance broker with strong financial performance:

Strategic Business Impact

The acquisition strengthens Choice International's position in the financial services sector by providing complete operational control over its insurance operations. The company stated that the objective is to pursue emerging opportunities and strengthen the business further, leveraging the strong potential in the insurance segment.

With full ownership, Choice International can now implement unified strategic decisions without external partnership constraints, enabling streamlined operations and integrated business strategies across its insurance portfolio.