Ashapura Intimates Fashion Limited (Company) is a Mumbai based company listed on Bombay Stock Exchange (BSE). The Company is innerwear retailer doing business under the brand name ‘Valentine’.
Entire Equity Share Holding of Promoters and Promoters Group in the Company is 57.35% of the Equity Share Capital of the Company.
On 10th October 2018, IIFL Securities Limited (IIFL Securities) has made disclosure to the BSE & the National Stock Exchange pursuant to Reg 29 (1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) 2011 (Takeover Code) , stating that i.) 10,61,000 Equity Shares of the Company held by its promoters were encumbered (pledged) in favour of India Infoline Finance Limited (IIFL) aggregating to 4.21% of the equity share capital of the Company against loan of Rs. 10 Crores obtained and ii) IIFL Securities has further acquired 72,40,774 equity shares of the Company held by the promoters, by way of encumbrance constituting 28.72% of the Equity Share Capital of the company. The shares have been pledged in favour of IIFL Securities towards creation of lien against margin funding and outstanding ledger balance of the promoters amounting to Rs. 30.29 Crores of Harshad Hirji Thakkar and Rs. 2.93 Crores of Harshaben Hirji Thakkar. As cleared from the Disclosure dated 10th October 2018, the aggregate encumbrance by acquisition of shares is 32.93% by acquirer i.e. IIFL Securities and persons acting in concert i.e. IIFL. As per the Disclosure, it also becomes clear that no shares were acquired by IIFL Securities but only pledge was created in its favour.
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