Announced Tue, 28 Jul · 12:32 IST
Promoters encumber 64 percent of shares as loan security
INTLCONV · price
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Price reaction · full curve 14 horizons · vs prior close
—1-day move
₹75.06
prior close
₹74.90
base price
In-mkt
timing
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AI summary
Promoters of International Conveyors have encumbered 4,07,73,335 shares (63.93 percent of share capital, or 91 percent of promoter holdings) in favour of CTL Trusteeship as security for a rupee term loan taken by Zenox Technology Services from Kotak Mahindra Bank. Shares worth about Rs 327 crore back a loan of Rs 498 crore. The loan proceeds will partly finance Zenox's acquisition of Elpro International shares.
Likely market impact
A large chunk of promoter shares is now pledged, raising risk if the borrower defaults. The pledge funds a related-party acquisition, which could pressure the stock.