Daily Filing Digest — Tuesday, 22 Sep 2026

Persistent Systems cleared the bar on its Nagarro takeover with 83.25% secured, Engineers India signed a Dangote refinery mandate worth more than US$450 million, and Eureka Forbes' promoter disclosed that more than half the company is now pledged against a dollar loan — two weeks after CRISIL upgraded the company itself.

The one to read first

Eureka Forbes' promoter, Lunolux Limited, disclosed (image-only PDF, read via OCR) an additional pledge of 22,319,748 shares — 11.53% of the company — created on 15 September, taking pledged shares to 51.00% of Eureka Forbes, all securing one US-dollar holding-company loan from Barclays and MUFG. The loan it secures was USD 92 million in May 2024 and USD 112.4 million on 18 September. Full read: Eureka Forbes' Promoter Owes Dollars. Its Collateral Is Priced in Rupees.

Deals

• Persistent Systems secured 83.25% of Nagarro SE by the end of its voluntary takeover offer's acceptance period — 7,568,145 shares tendered (about 61.15%) plus the roughly 22.10% already contracted from Lantano — clearing the 50%-plus-one-share minimum. An additional acceptance period at EUR 81.00 per share runs 23 September to 6 October; Persistent says it intends to delist Nagarro from Frankfurt's Prime Standard and expects closing by the end of Q1 CY27.
• Embassy Developments signed an MoU to sell an entire G+7 residential tower at Embassy Terazza, Juhu — 63,000 sq ft of RERA carpet area — to Dinesh Thakkar, founder and CMD of Angel One, for approximately ₹711 crore. The company calls it India's largest single residential unit transaction; it is an MoU, not a completed sale.

Order wins

• Engineers India signed a contract valued in excess of US$450 million to act as PMC and EPCM consultant for the Dangote Group's planned 700,000 barrels-per-day greenfield refinery and petrochemical plant in Kenya — the same role EIL held on Dangote's 650,000 BPD Lekki refinery in Nigeria.
• Sterling and Wilson Renewable Energy secured two orders totalling more than about ₹985 crore including taxes: a 534.3 MWp balance-of-system package in Rajasthan from a new customer, and two 308 MWh battery-storage projects (616 MWh) in South Africa from a repeat customer.

Ownership changes

• LIC cut its Hindalco stake (image-only PDF, read via OCR) from 142,668,148 shares (6.349%) to 97,319,301 shares (4.331%) — a sale of 45,348,847 shares, about 2.02% of the company, taking it below the 5% disclosure line.
• Aequs' promoter Melligeri Private Family Foundation pledged 14.99% of the company's shares on 21 September in favour of 360 One Prime as security for a finance facility; the filing puts pledged shares at 25.36% of the promoter group's 59.09% holding.
• Elitecon International — the company whose qualified audit opinion we covered on Monday — received a Regulation 29(2) disclosure from EBISU Global Opportunities Fund reporting market sales of 24,224,689 shares between 10 July and 18 September, cutting its stake from 6.37% to 4.85%.

Distress

• Burnpur Cement disclosed a change in management by UV Asset Reconstruction Company under section 9(1)(a) read with sections 15 and 16 of the SARFAESI Act — the lender-side ARC has taken over management, and on 22 September re-appointed a director to the board.
• Kesoram Industries' two independent directors, Jitendra Kumar Agarwal and Rashmi Bihani, resigned with effect from 17 September; the resignation letter enclosed from Rashmi Bihani gives the reason as "change in control of the Company," and both confirmed no other material reasons.

What we're not reporting

The rest of the day's material MEDIUM tier was board-meeting intimations for Q2 results (HDFC Bank, ICICI Bank, TCS, Dr. Reddy's, Dabur and others — dates, not numbers), AGM outcomes and scrutiniser reports, trading-window closures, small promoter open-market purchases, and a run of KMP changes citing personal reasons. Aditya Infotech (CP Plus) opened a QIP at a floor price of ₹3,648.43; we will report the issue when its size and final price are filed.

Educational research, not investment advice. Every figure above is drawn from the named company's or shareholder's own primary filing dated 22 September 2026 (the Elitecon disclosure covers sales from 10 July to 18 September) and checked against the source; where a filing disclosed no value, none is stated. No buy/sell recommendations, no price targets. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.