The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on March 31, 2025 for Khandepar Investments Pvt Ltd
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Promoter entity Khandepar Investments Pvt Ltd has pledged 44,00,000 equity shares (2.46% of total share capital) of Ravindra Energy Ltd with JM Financial Products Ltd on March 27, 2025, against a loan of Rs. 20 crore to be repaid in one year. The borrowed amount is meant for Khandepar Investments' own business activities. With this, total pledged promoter shares now stand at 1,34,00,000 shares, which is 7.50% of the total promoter shareholding of 58.61%. Two earlier pledges on promoter Narendra Murkumbi's shares (totalling 90 lakh shares) were created with Catalyst Trusteeship Ltd for Canara Bank to fund solar subsidiary projects worth Rs. 166 crore. None of the encumbrances are for the personal benefit of promoters, and encumbered shares are well below the 50% threshold.
This is a routine fund-raising move where a promoter entity is pledging its own shares as collateral for a short-term Rs. 20 crore loan. Since total encumbered promoter shares remain low at 7.50% (vs. the 50% alert threshold), there's no immediate cause for concern, but investors should keep watch if more promoter shares get pledged in future or if any existing pledge gets invoked, which could signal financial stress or risk of forced share sales.