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 ....
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On the reaction day the stock moved 0.1 pts less than Nifty Microcap 250 and 0.1 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Promoter Arunkumar Biyani has encumbered 2,70,000 shares (1.15% of total share capital) as a pledge to State Bank of India (via SBI Capital Markets). The pledged shares represent 64.60% of the promoter holding (total 80,64,500 shares or 34.61% of capital). The security is worth Rs. 11.42 crore against a debt amount of Rs. 24.88 crore, taken for the benefit of the listed company as additional securities. Both the 50% promoter threshold and the 20% total capital threshold are breached.
High pledging ratio (64.60%) by the promoter raises concerns about financial stress or leverage on the promoter stake, which could signal risk to minority shareholders if the lender invokes the pledge.