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 November ....
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Promoter CA Magnum Holdings, which holds 45.39 crore shares (74.55%) in Hexaware Technologies, has created an encumbrance on its entire shareholding effective 17 November 2025. This is to secure a loan facility of US$ 1,255,000,000 (approx INR 11,123 crores) raised under an Amended and Restated Facilities Agreement, with HSBC Singapore Branch acting as the security agent for a consortium of 17 international banks. Previously, the promoter's shares were not encumbered at all. The funds will be used to refinance the existing financial indebtedness of the borrower group. The pledged shares are worth about INR 32,163 crores at the 17 November 2025 share price of INR 708, giving a security cover ratio of around 35%.
This is a significant pledge creation covering nearly 75% of the total company by way of encumbrance, which may raise governance and risk concerns among retail investors. However, the stated purpose is refinancing of existing debt rather than fresh leveraging, and the promoter retains full economic ownership. Investors should monitor any further encumbrance, invocation, or release disclosures closely.