The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Basant Lall Shaw & Others
JAYNECOIND · price
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The promoters and promoter group of Jayaswal Neco Industries Ltd, led by Mr. Basant Lall Shaw, Mr. Arvind Jayaswal, Mr. Ramesh Jayaswal and others, have disclosed the creation of a pledge on 4,84,52,760 equity shares (4.99% of total share capital) under a revised disclosure originally filed on 2 January 2024. The pledge was created on 27 and 28 December 2023. After this transaction, the total pledged shares held by the promoter group stand at 51,48,38,934 shares, which is 53.02% of the company's total share capital, up from 48.03% earlier. The overall promoter holding in the company remains unchanged at 54.47% (52,88,63,375 shares), as this is a pledge creation and not a change in ownership. The total equity share capital of the company is Rs. 97.10 crore, divided into 9,70,99,824 equity shares of Rs. 10 each.
More than half of the promoter group's shares are now pledged, which is a significant negative signal for shareholders. High pledging increases the risk of forced sale if the promoters default on their borrowings, and may raise concerns about the financial health of the promoter group and the company.