Stove Kraft Promoter Rajendra Gandhi Pledges 2,00,000 Shares to Bajaj Finance Limited
Rajendra Gandhi, promoter of Stove Kraft Limited, pledged 2,00,000 shares (0.60% of paid-up capital) to Bajaj Finance Limited on 17 March 2026 as additional security cover for existing loan arrangements. The pledge increases his total encumbered shareholding to 29,00,000 shares (8.76% of total capital), while maintaining compliance with SEBI regulatory thresholds. The disclosure was made under Regulation 31(1) of SEBI Takeover Regulations on 25 March 2026.
*this image is generated using AI for illustrative purposes only.
Stove Kraft promoter Rajendra Gandhi has pledged an additional 2,00,000 shares to Bajaj Finance Limited as security cover for existing loan arrangements. The pledge, representing 0.60% of the company's paid-up capital, was disclosed to stock exchanges on 25 March 2026 under SEBI regulatory requirements.
Share Encumbrance Details
The pledge transaction involves specific parameters that demonstrate the security arrangement between the promoter and the financial institution:
| Parameter: | Details |
|---|---|
| Shares Pledged: | 2,00,000 shares |
| Percentage of Capital: | 0.60% |
| Pledge Date: | 17 March 2026 |
| Beneficiary: | Bajaj Finance Limited |
| Type of Encumbrance: | Pledge |
Promoter Holdings and Encumbrance Status
Rajendra Gandhi maintains significant shareholding in Stove Kraft Limited with varying levels of encumbrance across the promoter group:
| Promoter Name: | Total Holdings | % of Capital | Encumbered Shares | Post-Event Encumbrance |
|---|---|---|---|---|
| Rajendra Gandhi: | 1,82,69,115 | 55.18% | 27,00,000 (8.16%) | 29,00,000 (8.76%) |
| Sunitha Gandhi: | 2,00,000 | 0.60% | NA | NA |
| Neha Gandhi: | 1 | 0.00% | NA | NA |
| Total Promoter Group: | 1,84,69,116 | 55.79% | 29,00,000 | 8.76% |
Financial Security Arrangement
The pledge serves as additional security cover for an existing loan arrangement. The financial metrics reveal the security coverage ratio and underlying transaction value:
- Value of pledged shares: ₹9,75,30,000
- Total amount secured: ₹50,00,00,000
- Security coverage ratio: 0.195
- Purpose: Additional security for 7,75,194 shares purchased on 9th March 2022
Regulatory Compliance
The disclosure fulfills requirements under Regulation 31(1) of Securities Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Key compliance aspects include:
- Encumbered shares represent 15.70% of total promoter group shareholding
- Encumbrance remains below 50% of promoter shareholding threshold
- Encumbrance stays below 20% of total share capital threshold
- Bajaj Finance Limited classified as NBFC (Non-Banking Financial Company)
The transaction maintains adequate security coverage while ensuring compliance with regulatory disclosure norms for listed companies on BSE Limited and National Stock Exchange of India Limited.
Historical Stock Returns for Stove Kraft
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.25% | -3.50% | -2.81% | -30.43% | -37.02% | +4.79% |
Will Stove Kraft's upcoming expansion plans require additional funding that could lead to further share pledging by promoters?
How might the increasing encumbrance levels affect investor confidence and the company's stock valuation in the coming quarters?
Could this pledge arrangement signal potential liquidity challenges for the promoter group that may impact future strategic decisions?
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