The Exchange has received revised Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on April 03, 2025 for R V Consulting ....
SAGCEM · price
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Awaiting price reaction for this filing.
Sagar Cements promoters Mr. Sreekanth Reddy Sammidi and R V Consulting Services Pvt Ltd (RVCSPL) have filed a revised disclosure regarding the pledge of 85 lakh promoter shares (6.50% of total share capital) created on December 31, 2024. The pledge serves as security for unlisted, secured, redeemable non-convertible debentures (NCDs) worth Rs. 170 crores issued by RVCSPL, a promoter group company. The debenture trustee is Catalyst Trusteeship Limited, and the pledged shares have a security cover value of Rs. 187.85 crores. Total promoter holding stands at 6,31,44,645 shares (48.31% of share capital), of which 79.89% are encumbered, exceeding both the 50% promoter shareholding and 20% total share capital thresholds. A prior encumbrance of 4,75,10,332 shares (36.35%) in favour of PI Opportunities Fund and AvH Resources India already exists under a shareholders agreement.
Promoters have crossed the 50% encumbrance threshold, signaling high leverage and reduced free float of promoter shares, which may concern investors. The pledge-backed NCD raise by a promoter group entity, with personal use as the stated end use, adds to the risk perception, though there is no change of control of Sagar Cements.