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 January ....
CHOICEIN · price
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Choice International Limited's promoter group entity Patodia Properties Private Limited refinanced its share pledge on December 30, 2025. It released an existing pledge of 84.70 lakh shares (3.80% of total capital) that was held with Clearing Corporation, and simultaneously created a fresh pledge of the same 84.70 lakh shares in favour of Aditya Birla Capital, an NBFC. The new pledge covers 100% of Patodia Properties' own holding (3.80%), which is above the 50% promoter-shareholding threshold flagged in the disclosure. The loan amount involved is Rs 40 crore against shares valued at Rs 106.31 crore (a 2.66x cover), and the stated end-use is personal use by promoters and PACs, not for the listed company. At the promoter group level, total encumbrance stands at 1.69 crore shares or 7.56% of total share capital, well below the 20% threshold, with the promoter group collectively holding 57.41% of the company.
This is effectively a pledge refinancing rather than a fresh leverage build-up, which is mildly reassuring. However, 100% of Patodia Properties' shares are now pledged and funds are being raised for personal promoter use, which investors should monitor as a risk signal if share prices weaken. The overall promoter-group encumbrance remains modest at 7.56%, so no immediate threat to promoter control is evident.