Hella Infra Market Limited Files Regulatory Disclosure for Shalimar Paints Share Pledge

Shalimar Paints Limited has received a regulatory disclosure from Hella Infra Market Limited (formerly known as Hella Infra Market Private Limited) regarding the encumbrance of equity shares under Regulation 31 of SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011.

Share Pledging Details

Hella Infra Market Limited pledged 80.50 lakh equity shares of Shalimar Paints in two tranches during September-December 2025 in favor of Catalyst Trusteeship Limited. The pledging details are as follows:

Transaction Date:	Shares Pledged	Percentage of Share Capital
September 29, 2025:	23,03,621	2.75%
December 4, 2025:	57,47,126	6.87%
Total:	80,50,747	9.62%

All pledged shares have been placed in favor of Catalyst Trusteeship Limited, acting as debenture trustee on behalf of NCD subscribers.

Background Transaction Structure

The share pledge relates to non-convertible debentures (NCDs) issued by Hella Infra Market Retail Private Limited, a subsidiary of Hella Infra Market Limited. The debenture issuance details include:

Parameter:	Details
Total NCD Value:	₹250.00 crores
Number of Debentures:	2,500
Debenture Type:	Senior, secured, redeemable, unlisted
ISIN Code:	INE0P6G07046
Credit Rating:	Unrated

The debentures were issued to Kotak Private Credit Fund and Infina Finance Private Limited on August 30, 2023, and October 17, 2023, respectively.

Promoter Holdings Context

Hella Infra Market Limited holds a significant stake in Shalimar Paints Limited with total promoter shareholding details:

Holding Details:	Numbers	Percentage
Total Promoter Shares:	6,27,51,151	74.96%
Previously Encumbered:	3,61,92,174	43.23%
Additional Encumbrance:	80,50,747	9.62%
Post-Event Encumbered:	4,42,42,921	52.85%

Regulatory Compliance

The disclosure has been made in compliance with SEBI's master circular dated February 16, 2023, bearing reference number SEBI/HO/CFD/PoD-1/P/CIR/2023/31. The encumbrance serves as additional security for the debenture holders and is part of the overall debt arrangement structure.

The funds raised through the NCD issuance are intended for general corporate purposes of the issuing subsidiary. Catalyst Trusteeship Limited, being a registered trustee service provider, acts on behalf of and for the benefit of the NCD subscribers in this arrangement. The disclosure was signed by Souvik Pulakesh Sengupta, Whole Time Director and CEO of Hella Infra Market Limited, on December 11, 2025.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.18%	-2.12%	-21.40%	-40.93%	-48.73%	-32.91%

Shalimar Paints Limited has announced the receipt of reclassification requests from two members of its Promoter Group. The company disclosed this information in a regulatory filing dated November 20, 2025, in compliance with SEBI regulations.

Reclassification Requests

Ms. Sarika Jhunjhnuwala and Ms. Kusum Mittal, currently classified under the 'Promoter Group' category, have submitted requests to be reclassified to the 'Public' category. This move comes after both individuals have completely divested their shareholdings in the company.

Current Shareholding Status

The regulatory filing provides details of the current shareholding status of the individuals seeking reclassification:

Sr. No.	Name of Shareholder	Category	No. of Shares held	% of shares held
1	Ms. Sarika Jhunjhnuwala	Promoter Group	0	0
2	Ms. Kusum Mittal	Promoter Group	0	0

Regulatory Process

The reclassification process is subject to several regulatory steps:

Approval from the Board of Directors of Shalimar Paints Limited
Approval from both stock exchanges where the company's shares are listed:
- BSE Limited (BSE)
- National Stock Exchange of India Limited (NSE)

Shalimar Paints has stated that it will follow the necessary regulatory processes as mandated by the Securities and Exchange Board of India (SEBI) under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This development may potentially impact the company's shareholding structure, subject to the required approvals. Investors and market participants are advised to monitor further announcements from the company regarding the progress of these reclassification requests.