Promoter Embassy Property pledges 51% stake in Mac Charles for debentures
MCCHRLS-B · price
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Embassy Property Developments, promoter of Mac Charles India with 73.41% stake, has pledged 66.81 lakh shares (51% of share capital) to Catalyst Trusteeship on 29 July 2026. The pledge secures INR 270 crore of non-convertible debentures issued by related entity Calatheas Developments, with Standard Chartered Bank IFSC Gift City as lender. Pledged shares are valued at about INR 464 crore (1.72x cover). Proceeds will fund a loan to Embassy Maverick Malls for a project and general corporate use.
Pledge of over half the company's shares by the promoter raises leverage concerns, though 1.72x security cover offers some cushion.