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 December ....
SAGCEM · price
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On the reaction day the stock moved 0.7 pts less than Nifty Microcap 250 and 0.9 pts less than its Cement & Cement Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Promoters of Sagar Cements — Mr. Sreekanth Reddy Sammidi and M/s RV Consulting Services Private Limited — have disclosed a pledge of shares as security for Rs. 50 crore secured, unlisted, non-convertible debentures (NCDs) issued by RV Consulting Services (a promoter group entity). No new shares are being pledged; the NCDs are secured through an extension on the already-pledged 50 lakh shares each held by these two promoters. Total promoter shareholding stands at 6.31 crore shares (48.33% of total share capital), of which 80.80% is currently encumbered, crossing both the 50% promoter-holding and 20% total-capital thresholds. The disclosure also covers a 'no change of control' clause: any change in control of Sagar Cements without the debenture trustee's consent will trigger an event of default. The security cover ratio on the new NCDs is 2.1x, and the borrowed amount is intended for personal use by promoters and PACs.
Although no fresh shares are being pledged, the disclosure highlights that 80.8% of the promoter group's shares are already encumbered, which is a material risk factor for retail investors — any sharp fall in the stock price could amplify margin call risk. The 'no change of control' covenant means promoter freedom to restructure or dilute is restricted, which could affect future corporate actions.