The Exchange has received revised Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on December 30, 2025 for Embassy ....
MCCHRLS-B · price
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Embassy Property Developments Pvt Ltd, the promoter of Mac Charles (India) Ltd holding 73.41% of shares, has reported creation of an encumbrance on 66,81,537 shares (51% of total share capital) on December 8, 2025. The encumbrance is not a traditional pledge but a covenant tied to the issuance of ₹540 crore Non-Convertible Debentures (NCDs) by Mac Charles Hub Projects Pvt Ltd, a wholly owned subsidiary. Catalyst Trusteeship Ltd is the debenture trustee, and Standard Chartered Bank (IFSC Gift City branch) is the lender. The covenant requires repayment of the NCDs if Embassy Property Developments and Mr. Jitendra Virwani cease to hold at least 51% of Mac Charles or cease to control the company. This is a revised disclosure submitted on December 30, 2025.
Over two-thirds of the promoter's stake is now encumbered, which restricts the ability to sell or transfer shares without triggering NCD repayment. Shareholders should note the promoter has limited flexibility on the 51% block, though it is a covenant rather than a financial default or pledge invocation.