Poddar Housing and Development Limite 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.
Awaiting price reaction for this filing.
Poddar Housing and Development Limited's promoter Rohitashwa Poddar has filed a disclosure declaring that two promoter group entities created new pledges on company shares during FY 2024-25. Brite Merchants Limited pledged 1,87,547 shares (2.58% of capital) on 30 January 2025, and Poddar Bhumi Holdings Limited pledged 8,080 shares (0.11%) on 25 March 2025. All pledges were made in favour of Vistra (ITCL) India Limited, acting as Debenture Trustee for HDFC Capital Affordable Real Estate Fund-2. The cumulative pledged shares of the entire promoter group now stand at 27,21,787 shares, equivalent to 37.45% of the company's total share capital as on 31 March 2025.
Creating new pledges on promoter shares raises a cautionary flag for retail investors, as pledged shares can be sold off by lenders in case of a default. Although the cumulative pledge of 37.45% is still below the 50% SEBI threshold, the trend of increasing encumbrance suggests the promoter group is raising debt against their holdings and should be tracked closely.