Tamilnadu Industrial Development Corporation Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
MANALIPETC · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Tamilnadu Industrial Development Corporation Limited (TIDCO), a promoter/promoter group entity of Manali Petrochemicals Limited, has submitted a disclosure confirming that it has NOT created any encumbrance (pledge) over its shareholding. TIDCO holds 1,12,12,500 shares representing 6.52% of the total paid-up capital of Manali Petrochemicals Limited. This disclosure is filed under Regulation 31(4) which requires promoters to periodically confirm the status of encumbrances on their shares. The filing essentially serves as a negative confirmation - indicating that the promoter's shares are free from any pledge or lien.
Positive for shareholders as it confirms the promoter group's shares are not pledged, reducing risk of sudden stake sales due to margin calls. The low promoter holding of 6.52% by TIDCO indicates limited promoter skin in the game.