Dear Raghav. You are absolutely correct that their cash was stuck due to WC requirements. The management has also said this in a recent call; I am sure you will be able to find it when going through the recent calls. They in fact to my understanding had the cash ready for most of the de-pledging but then could not complete it due to the more pressing in their opinion needs of WC (This also made me take an even more bullish view on the company) Where they have a need to clear their holding and still use the cash for WC as the business is growing at an amazing pace. What a wonderful and honest management.
I am sure, that when the haze settles, irrespective of the de-pledging complete or not as of the moment, then the prices of the stock will also be factored in and maybe even become a hot favorite of the “supposed smart money” who poor fellows knowing everything cannot invest till there is full clarity 
Then everyone who wants to find the next Thirumalai can pay for the “Malai” Today, I find this a steal at the approximate prices temporarily quoted for the stock.
I don’t pay much attention to de-pledging as such but it is a factor here and I am grateful that it is. Else, how would one buy an exceptional company at such a low exceptional price. No institutions interested either today, which make it even more fun to get a company like this. No fear and bullish like anything. Wish I had even more spare cash to invest now!
Also, correctly said Raghav, the demerger of Lasa is the icing on an already delicious cake. If we see the PE anyways even ignoring everything else and then add double the revenues in some time with the capex done, this seems like a sub 5 PE company with a 1-2 year view. Which cannot be for much longer. The big bulls will get in.
For the moment, Mr. Market can play games; I would buy this whole company anyways if I could afford it and delist it. That is my bullishness.
Also, “seniors” @hitesh2710 @Donald @ayushmit and to my favorite @mvmakadia (sorry other seniors ) Sorry to bother you but please can I humbly request you to look into this one if you find some spare time. I hold five stocks and this is a 20 percent…ish holding of the portfolio).
Best Regards.
Disclosure 1: 20% of my portfolio.
Disclosure 2: I am confident I am only 70% right on the data. 100% confident that there cannot ever be 100% clarity.
Disclosure 3: I have a low IQ. Please help the “special needs of low IQ” people like me.