Intl Conveyors promoters encumber 63.93% shares for Zenox loan

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AI summary

Promoter group of International Conveyors has encumbered 4.07 crore shares (63.93% of total share capital and 91.03% of promoter holding) as security for a Rs 498 crore term loan availed by Zenox Technology Services from Kotak Mahindra Bank. Loan purpose: part-financing acquisition of Elpro International Limited shares. Promoters collectively hold 70.23% of the company.

Likely market impact

Almost all promoter shares are now encumbered. If Zenox loan defaults, shares could be invoked, risking change in promoter control.