The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on March ....
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Marathon Nextgen Realty's promoter entity, Marathon Realty Private Limited (MRPL), has executed a Non-Disposal Undertaking (NDU) dated 10th March 2025 in favour of Piramal Trusteeship Services Private Limited, covering 3,44,82,646 shares, which is 67.34% of the company's total share capital and the entire promoter holding. The NDU is linked to a Rs 180 crore term loan facility. The company clarified that this is NOT a pledge — MRPL retains full voting rights, dividend benefits, and ownership, and no shares have been moved to a third-party demat account. The loan proceeds are intended for project expenses. The security cover is healthy at 7.10x (encumbered shares valued at ~Rs 1,279 crores against a Rs 180 crore loan). A previous disclosure had inadvertently named Anand Rathi Share and Stock Broking as the lender, when they are actually only the depository participant for Piramal Trusteeship.
This is a standard financial arrangement, not a distress signal, since voting and ownership rights stay with the promoter and the security cover is strong at over 7x. However, the entire promoter stake is now encumbered under the NDU, meaning no promoter shares can be sold until the loan is fully repaid, which could limit promoter flexibility in any future capital actions.