Parv Jain has Submitted to the Exchange a copy of Disclosure under Regulation 31(1) and 31(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
MAGNUM · price
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On the reaction day the stock moved 0.6 pts more than Nifty Microcap 250 and 0.2 pts less than its Paper & Paper Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Promoter Parv Jain has filed a disclosure regarding an encumbrance (pledge) on 83,24,255 shares of Magnum Ventures Limited, representing 12.5% of total share capital. The pledge is held in favor of Catalyst Trusteeship Limited (acting as Debenture Trustee) for Neo Special Equity Credit Opportunities Fund, a lender to the company. This is a second amendment to an existing pledge — it extends the encumbrance to cover an additional tranche of 18% Listed, Secured, Redeemable, Non-Convertible Debentures (NCDs) worth Rs 50 crore issued by Magnum Ventures, taking the total NCD facility tied to this pledge to Rs 230 crore (Rs 150 Cr + Rs 30 Cr + Rs 50 Cr). The number of pledged shares remains unchanged at 83,24,255, while the total promoter shareholding stands at 3,77,67,554 shares (56.8% of share capital), with encumbered shares at 22% of promoter holding — well below the 50% threshold.
This is a modification (extension) of an existing pledge rather than a fresh encumbrance, so the number of pledged shares does not increase. However, it signals that the company is raising more debt against the same pool of pledged shares, increasing the leverage risk for promoters. Shareholders should note that the security cover ratio on pledged shares has weakened (from 0.26 to 0.38), and any further decline in share price could put the pledged shares at risk of invocation.