The Exchange has received the revised Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 ....
SAGCEM · price
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Promoters of Sagar Cements have submitted a revised disclosure about encumbrance on their shares as on 31 December 2024. Total promoter holding is 63,144,645 shares, or 48.31% of the company's share capital, of which 79.89% is currently encumbered. Two encumbrances are reported: an existing one of 4,75,10,332 shares (36.35%) in favour of PI Opportunities Fund-I and AvH Resources India tied to a shareholders' agreement, and a new pledge of 85,00,000 shares (6.50%) created on 31.12.2024 as security for Rs.170 crore unlisted NCDs issued by promoter group entity RV Consulting Services Private Limited. The NCDs are unrated and unsecured by any listed company guarantee, with Catalyst Trusteeship Limited acting as debenture trustee and the security cover valued at Rs.187.85 crore. The original disclosure was filed on 02.01.2025; this revised version dated 02.04.2025 clarifies the reasons and details of the encumbrances.
Nearly 80% of the promoters' stake is pledged or encumbered, indicating significant leverage at the promoter-group level, which raises governance and control risk for shareholders. With promoter holding already below 50% (48.31%) and most of it encumbered for personal or promoter-group purposes rather than company funding, any default could lead to a change in control of Sagar Cements.