The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on February ....
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Promoters and promoter group of Aditya Ispat Ltd have created a pledge on 13,01,100 equity shares (24.32% of total share capital) on February 12, 2026, in favour of Pillar Investment Company Limited (an NBFC). This represents 100% of the total promoter shareholding in the company, with five promoter entities participating — Mrs Usha Chachan (8.90%), Jai Bapji Ispat Pvt Ltd (4.86%), Satya Bhagwan Chachan HUF (4.37%), Mr Aditya Chachan (3.09%), and Mr Anshuman Chachan (3.09%). The pledge serves as collateral for a loan of Rs 1.25 crore availed by the listed company itself, with the stated purpose of reducing bank exposure. The shares are valued at Rs 1.30 crore, giving a thin security cover ratio of 1.04x, and the loan is to be repaid within one year.
This is a negative signal — the entire promoter stake is now pledged, leaving no unencumbered promoter holdings as collateral cushion. While the loan is for the company's benefit, the high pledge ratio (100% of promoter holding) raises concerns about promoter financial flexibility and increases vulnerability if share prices decline. Shareholders should monitor the repayment schedule and any subsequent pledge invocation or release disclosures.