TAJ GVK Hotels Promoters Submit Revised Pledge Disclosure After BSE Review

Taj GVK Hotels & Resorts Limited's promoter group has submitted a revised disclosure regarding the encumbrance of shares following observations made by BSE Limited. The revision addresses discrepancies identified in the original filing under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Revised Disclosure Submission

Moonshot Trust and Starlight Trust, acting as promoter group shareholders, submitted the corrected disclosure on January 7, 2026, through their Managing Trustee, Mrs. Shalini Bhupal. The revision was necessitated by BSE's email dated December 31, 2025, which highlighted certain discrepancies in the "Post Event holdings of encumbered shares" section of the original submission.

Parameter:	Details
Submitting Entities:	Moonshot Trust and Starlight Trust
Managing Trustee:	Mrs. Shalini Bhupal
Revision Date:	January 7, 2026
Original Event Date:	December 22, 2025
Regulatory Framework:	SEBI (SAT) Regulations, 2011

Encumbrance Details

The revised disclosure provides comprehensive details of the pledge creation by both trusts. The encumbrance was created on December 22, 2025, with 360 ONE PRIME Limited as the beneficiary entity.

Trust Name:	Total Holding	Pledged Shares	Pledged Percentage	Purpose
Moonshot Trust:	1,17,19,430 shares (18.69%)	67,37,967 shares	10.75%	Personal borrowing
Starlight Trust:	1,48,94,271 shares (23.75%)	67,37,957 shares	10.75%	Personal borrowing

Promoter Group Holdings

The disclosure also details the complete promoter group structure and their respective shareholdings in the company. The India Hotels Company Limited holds the largest stake among promoter entities with 25.52% shareholding.

Promoter Entity:	Shareholding	Percentage
The India Hotels Company Limited:	1,60,00,400 shares	25.52%
Moonshot Trust:	1,17,19,430 shares	18.69%
Starlight Trust:	1,48,94,271 shares	23.75%
Blue Moon Trust:	43,89,105 shares	7.00%

Regulatory Compliance

The submission demonstrates the promoter group's commitment to maintaining transparency and regulatory compliance. The revised disclosure was formally acknowledged by BSE Limited, ensuring all regulatory requirements under SEBI (SAT) Regulations, 2011 are properly fulfilled. The document was authenticated with official trust seals from both Moonshot Trust and Starlight Trust, headquartered in Hyderabad.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.48%	-3.68%	+8.71%	+1.96%	-3.46%	+190.01%

Taj GVK Hotels & Resorts Limited has officially confirmed the completion of The Indian Hotels Company Limited's exit from the company through the sale of its entire 25.52% stake for ₹592.00 crores. The transaction was executed through a Share Purchase Agreement on December 30, with comprehensive regulatory filings submitted to BSE and NSE under SEBI regulations.

Official Regulatory Disclosure

In a formal disclosure to stock exchanges, Taj GVK Hotels confirmed that promoter group entity IHCL sold 1,60,00,400 equity shares representing 25.52% stake through the Share Purchase Agreement. The company filed the disclosure under provisions of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 and SEBI (Prohibition of Insider Trading) Regulations, 2015. The transaction was consummated with buyer Shalini Bhupal, who is not a member of IHCL's promoter group.

Transaction Details:	Information
Shares Sold:	1,60,00,400 equity shares
Stake Percentage:	25.52%
Transaction Value:	₹592.00 crores
Price Per Share:	₹370.00
Transaction Date:	December 30
Buyer:	Shalini Bhupal
Method:	Share Purchase Agreement

Comprehensive Agreement Terminations

Following the share sale completion, multiple agreements were terminated between parties including G Indira Krishna Reddy, Shalini Bhupal, Blue Moon Trust, Moonshot Trust, Starlight Trust, IHCL, and Taj GVK Hotels. This resulted in the cancellation of the Restated and Amended Shareholders' Agreement dated November 4, 2011, and the Name and Trademark License Agreement dated November 22, 2007.

Terminated Agreements:	Details
Shareholders' Agreement:	Restated and Amended (November 4, 2011)
License Agreement:	Name and Trademark License (November 22, 2007)
Rights Status:	All rights and obligations cancelled
Name Change Requirement:	Remove 'Taj' from corporate name
Management Impact:	IHCL loses controlling rights

Board Restructuring and Director Changes

Consequent to the agreement terminations, IHCL's nominee directors stepped down from the Taj GVK board with effect from close of business hours on December 30. Mr. Prabhat Verma (DIN: 06548864) and Mr. Nabakumar Shame (DIN: 03605594) resigned from their positions as Non-Executive Non-Independent Directors, as confirmed in the regulatory filing.

Director Changes:	Information
Resigned Directors:	Mr. Prabhat Verma, Mr. Nabakumar Shame
Director Identification:	DIN: 06548864, DIN: 03605594
Position:	Non-Executive Non-Independent Directors
Effective Date:	December 30 (close of business)
Filing Status:	Confirmed in regulatory disclosure

Operational Continuity and Financial Impact

Despite the complete divestment, IHCL will continue operating the existing hotel portfolio under respective Hotel Operating Agreements. The company retains operational management rights and will continue receiving management fees. In the previous financial year, IHCL received ₹25.32 crores as management fees from Taj GVK Hotels, representing 0.30% of IHCL's revenue, while IHCL's share of profit from the joint venture was ₹29.09 crores.

Financial Impact:	Details
Management Fees (Previous FY):	₹25.32 crores (0.30% of revenue)
Share of JV Profit (Previous FY):	₹29.09 crores
Operational Rights:	Retained under Hotel Operating Agreements
Related Party Status:	Transaction not classified as related party
Future Operations:	Management fees to continue