Promoters encumber 63.93% of shares as security for Zenox loan

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AI summary

Promoter group (IGE India, R.C.A, Amaranth Daksha, Dabriwalas) disclosed encumbrance creation on 4.08 crore shares (63.93% of total capital, 91.03% of promoter holding) on July 11, 2026. Security for a Rs 498 crore term loan from Kotak Mahindra Bank to group firm Zenox Technology Services. Loan proceeds will part-finance acquisition of shares of Elpro International Limited.

Likely market impact

Over 90% of promoter holding encumbered to back a Rs 498 crore group loan, raising leverage and default risk. Loan default could trigger invocation.