Promoter pledges 25.5 percent shares as NCD security
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Promoter Nikhil Vinod Mehta has created a pledge over 38,30,290 shares of Emerald Leisures Limited, equal to 25.50 percent of total share capital and about 81.93 percent of his own holding of 46,74,510 shares (31.12 percent). The pledge secures Rs 105 crore of 10 percent secured unlisted unrated non-convertible debentures issued by the company. Pledged shares are valued at Rs 137.89 crore (cover ratio 1.31). NCD proceeds will fund club expansion (Rs 25 crore), Aditya Birla Capital debt repayment (Rs 20 crore), SRA expenses (Rs 30 crore), general corporate use (Rs 25 crore), and transaction costs (Rs 5 crore).
Pledge exceeds 50 percent of promoter's own holding. About Rs 138 crore in shares secure Rs 105 crore of NCDs. Invocation risk remains.