The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on May 15, 2025 for Goswami Infratech Pvt Ltd
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On the reaction day the stock moved 0.9 pts more than Nifty Smallcap 250 and 0.7 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Goswami Infratech Pvt Ltd (GIPL), a promoter of Afcons Infrastructure, has disclosed the creation of a pledge on its entire holding of 9,20,72,053 shares, which equals 25.03% of the company's total share capital and 100% of GIPL's promoter holding. The pledge is in favour of Axis Trustee Services Limited acting as Debenture Trustee, in connection with 14,30,000 secured, listed, zero-coupon, non-convertible debentures worth ₹1,430 crore issued by GIPL. The debt has a credit rating of CARE BB- (Negative), indicating credit weakness. The proceeds are being used to repay existing debt of GIPL and refinance indebtedness of other promoter group entities.
With the entire promoter holding now pledged, there is heightened risk for shareholders — any default or covenant breach could lead to the pledgee invoking the pledge and selling these shares in the market. The negative credit rating on the related debentures signals financial stress within the promoter group, and the use of proceeds to refinance group-level debt rather than for business growth is a negative signal. Shareholders should monitor for any further disclosures regarding default or invocation.