Raama Finance Limited promoters Akhil Mittal and Pratika Sharma have pledged a combined 78,12,500 equity shares to secure a term loan for the company. The creation of this encumbrance, executed on July 31, 2026, represents 4.81% of the total share capital for each promoter, bringing the total pledged stake to 9.62%. This move signals the company’s reliance on promoter-backed collateral to fund its operational or expansion requirements through debt instruments.

The disclosure was made in compliance with Regulation 31(1) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. The filing, dated August 03, 2026, was submitted to the Bombay Stock Exchange by Rajesh Singh Kaira, Managing Director of Raama Finance Limited. Prior to this event, neither promoter had any encumbered shares, as indicated by the nil pre-event encumbrance figures.

Pledge Details

The table below outlines the specific details of the share encumbrance created by the promoters:

Both promoters hold an equal stake of 27.46% in the company. The pledge was created in favor of Mufin Green Finance Limited, explicitly cited as being for a "Term loan taken by Target Company." This indicates that the funds are likely intended for corporate use rather than personal liabilities of the promoters, although the specific utilization of the loan proceeds is not detailed in the filing.

What the Numbers Show

The simultaneous pledge of identical share quantities by both primary promoters suggests a coordinated financing strategy. With no prior encumbrances, this marks the first instance of promoter shares being used as collateral for the company’s debt obligations. Investors should monitor whether this pledge leads to further leverage increases or if it is part of a structured long-term financing plan. The retention of a significant unpledged stake (approximately 22.65% per promoter) provides a buffer against immediate margin call risks, assuming stable share prices.

Raama Finance Limited has secured a term loan of INR 5.00 Cr from Mufin Green Finance Limited to support its onward lending activities. The agreement was executed on July 22, 2026, and the signed copy was received by the company on July 23, 2026. The loan is secured against the company's receivables and a pledge of shares by its promoters.

The disclosure was made to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing confirms that the transaction is not a related party transaction and was conducted at arm's length.

Key Terms of the Agreement

The loan agreement includes specific covenants requiring prior approval from Mufin Green Finance Limited for significant corporate actions. These include changes in the business structure, mergers, acquisitions, restructuring, and material changes in management. Additionally, the lender's approval is needed for transactions outside the ordinary course of business, management arrangements where operations are managed by a third party, amendments to the Memorandum of Association (MOA) and Articles of Association (AOA) excluding increases in authorized capital, and the winding up of the company.

Financial and Security Details

The total amount granted under the term loan is INR 5.00 Cr, which is also the current outstanding amount. The loan is secured through an exclusive charge on present and future receivables, net of financial charges, NPA, and other charges, up to 120% of the outstanding loan principal. Furthermore, there is an exclusive charge by way of hypothecation on the borrower's receivables up to 1.20 times the facility amount.

Promoters Akhil Mittal and Pratika Sharma have provided a pledge of shares equivalent to 2.5 times the loan value to further secure the facility.