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 May ....
AFCONS · price
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Goswami Infratech Private Limited (GIPL), a promoter of Afcons Infrastructure, has disclosed the creation of a pledge on May 6, 2025 over its entire shareholding of 9.20 crore shares (25.03% of Afcons's total share capital) in favour of Axis Trustee Services Limited acting as debenture trustee. The pledge secures 14,30,000 zero-coupon, secured, redeemable, non-convertible debentures of face value INR 1 lakh each, aggregating to INR 14,300 crore issued by GIPL. The debentures carry a low credit rating of CARE BB- (Negative). The borrowed amount is being used to repay existing debt of GIPL and PACs, make inter-corporate deposits/loans to promoter group entities for refinancing, and cover issue expenses. The security cover ratio stands at only 33.70%, meaning pledged shares are worth roughly one-third of the total outstanding debt of about INR 12,560 crore.
This is a materially negative signal: 100% of the promoter's stake is now pledged, the underlying debt has a junk-grade rating (BB- with Negative outlook), and the share cover ratio is thin at 33.70%. Retail investors should watch closely for any pledge invocation, as falling share prices relative to outstanding debt could trigger margin calls or forced selling of Afcons shares.