Promoter IGE extends pledge on Elpro shares; new encumbrances for Kotak loan
ELPROINTL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Promoter IGE (India) Pvt Ltd has extended its existing pledge over 8.64 crore Elpro shares (51% of share capital) in favour of Kotak Mahindra Bank for an additional rupee term loan of Rs 498 crore availed by Zenox Technology Services. No new shares were pledged. Separately, non-disposal undertakings and covenant-based encumbrances were created on other promoter group shares, pushing total encumbered promoter holding to about 75% of Elpro share capital. Loan proceeds are meant to part-finance acquisition of Elpro equity shares.
High encumbrance on promoter shares (about 75%) signals leveraged acquisition financing. Risk rises if Elpro share price falls. No ownership change yet.