Mr. Vurakaranam Ramakrishna- NDU
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Mr. Vurakaranam Ramakrishna, the promoter and Chairman of IIRM Holdings India Ltd (holding 57.51% of the company with 3.91 crore shares), has executed a Non-Disposal Undertaking (NDU) on March 28, 2026 covering 2 crore (2,00,00,000) equity shares. This NDU is in favour of Axis Trustee Services Limited and is linked to Non-Convertible Debentures (NCDs) worth Rs 65 crore raised by India Insure Risk Management and Insurance Broking Services Pvt Ltd, a wholly-owned subsidiary of IIRM Holdings. The encumbered shares represent 51.03% of the promoter's total holding and 29.35% of the company's total share capital, with a coverage ratio of 2.49 times (against the required 2 times). The borrowed funds are to be used for organic and inorganic growth of the subsidiary.
Over half of the promoter's stake is now locked in as security for subsidiary-level debt, limiting his ability to sell or transfer these shares until the NCDs are repaid. While this signals confidence in the subsidiary's growth plans, shareholders should note reduced promoter share liquidity and higher risk if the subsidiary underperforms.