On April 3, 2025, Refractory Shapes Limited (NSE: REFRACTORY) submitted its annual disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 to the National Stock Exchange of India (NSE).

This regulatory disclosure is an essential part of SEBI’s takeover regulations, ensuring transparency in shareholding patterns and promoter commitments. The company confirmed that during the financial year ending March 31, 2025, the promoters did not create any encumbrance on their shares, either directly or indirectly.

Details of the Disclosure

The promoter and promoter group of Refractory Shapes Ltd., represented by Mrs. Prajna Shravan Shetty (Chairperson & Managing Director), submitted the disclosure as per Regulation 31(4) of SEBI Takeover Regulations, 2011.

• The disclosure ensures compliance with SEBI’s regulatory framework for substantial acquisitions of shares.

• The statement explicitly confirms no encumbrance of shares by promoters during FY 2024-25.

• The declaration was addressed to the Listing Compliance Department of NSE India for record-keeping and regulatory compliance.

Statement from the Promoter

Mrs. Prajna Shravan Shetty, in her capacity as the Chairperson, Managing Director, and a Promoter of Refractory Shapes Ltd., made the official submission on behalf of the promoter and promoter group.

She confirmed that during the financial year ending March 31, 2025, the promoters did not pledge, mortgage, or otherwise encumber their shares in any form. This declaration aligns with the disclosure requirements under SEBI’s Regulation 31(4) and ensures that shareholders remain informed about the company’s financial transparency.

Regulatory Significance

Under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, promoters are required to disclose the status of their shareholding, including any encumbrances or changes in ownership structure.

By submitting this disclosure, Refractory Shapes Ltd. reassures its investors and regulatory authorities that:

• The promoters retain full control over their shareholding without any financial encumbrances.

• The company continues to maintain strong governance and transparency in regulatory matters.

• The disclosure serves as an official record of compliance with SEBI’s takeover and acquisition regulations.

Next Steps for Stakeholders

The National Stock Exchange of India (NSE) will now review and archive this disclosure as part of its regular compliance process. Investors and market participants can access this information through official stock exchange records.

Conclusion

The submission of the Regulation 31(4) disclosure by Refractory Shapes Ltd. for FY 2024-25 highlights the company's commitment to transparency in corporate governance. The confirmation that no encumbrance of shares occurred during the reporting period reassures investors about the stability of promoter shareholding.

By meeting SEBI’s regulatory obligations, Refractory Shapes Ltd. continues to demonstrate its commitment to corporate responsibility, market integrity, and investor trust. Stakeholders are encouraged to monitor official regulatory announcements for further updates.

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