Promoter extends pledge on 51% Elpro shares for Kotak Mahindra loan

Pledge Above 50pctOwnership Changes View source PDF

ELPROINTL · price

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₹174.33

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AI summary

IGE (India), holding 75% in Elpro International, extended existing pledge on 8.64 crore shares (51% of capital) as security for an additional Rs 498 crore loan from Kotak Mahindra Bank to Zenox Technology Services. No fresh shares pledged. Also added non-disposal undertaking on 1.67 crore shares (9.88%) and other encumbrances covering 75% of promoter shares. Loan proceeds to part-finance acquisition of Elpro equity shares.

Likely market impact

Pledge covers 51% of capital and other encumbrances reach 75% of promoter holding - signals leveraged acquisition financing with reduced share flexibility.