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 July ....
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Promoter Ganapa Narsi Reddy has pledged 3,00,000 equity shares of Covidh Technologies Ltd in favour of Ascentedge Advisors LLP on 25 July 2025. This equals 92.76% of the company's total share capital and is essentially the entire promoter holding in the company. The pledge is to secure a loan against shares, with shares valued at roughly Rs. 30 lakh against a loan of about Rs. 1 crore (security cover ratio of ~0.33:1). The disclosure confirms the encumbrance exceeds both the 50% promoter-holding threshold and the 20% of total share capital threshold, and the end-use of the borrowed money is stated as 'for the benefit of the listed company'.
Pledging nearly the entire promoter stake is a significant concern - it leaves very little unencumbered promoter shareholding and exposes minority shareholders to the risk of a change in control or forced sale if the loan is not repaid. The stated use of funds for the company's benefit provides some reassurance, but the very thin security cover and a non-bank lender make this a flag worth monitoring closely.