The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for IDBI Bank Ltd
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IDBI Bank Limited, acting as Lender/Share Pledgee for the benefit of NCD holders, has invoked a pledge over 5,20,85,387 equity shares (8.51%) of Quadrant Televentures Limited on April 7, 2025. The pledge was originally created by Quadrant Enterprises Private Limited (a promoter-linked entity) in favor of IDBI Bank. The invocation happened because Quadrant Televentures defaulted on its payment obligations under certain loan/NCD documents and failed to cure these defaults. IDBI Bank has clarified it is holding the shares solely as a pledgee to recover outstanding dues owed to NCD holders, not as an investment, and may sell the shares if instructed by NCD holders. After invocation, IDBI Bank holds 0% voting rights in the company as its holding is purely as encumbrance.
This is a negative signal for shareholders, indicating financial distress and default by Quadrant Televentures on its debt obligations. The pledge invocation could lead to further selling pressure if NCD holders direct IDBI Bank to sell these 8.51% shares in the open market to recover dues, potentially impacting the stock price and shareholding pattern.