The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on December 11, 2025 for Hella Infra Market Ltd
SHALPAINTS · price
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Hella Infra Market Limited (HIML), the lead promoter of Shalimar Paints with a 52.85% stake, has further pledged 80,50,747 equity shares (9.62% of total share capital) in two tranches — 23,03,621 shares on September 29, 2025 and 57,47,126 shares on December 4, 2025 — in favour of Catalyst Trusteeship Limited, acting as debenture trustee for NCD subscribers. The pledge secures INR 250 crore of non-convertible debentures issued by HIML's subsidiary, Hella Infra Market Retail Private Limited, for general corporate purposes. After this creation, the total encumbered shares stand at 4,42,42,921 (52.85% of total share capital), which is 70.50% of promoter shareholding. Total promoter group holding in Shalimar Paints remains at 74.96%.
This is an additional pledge of shares by the promoter, not a sale, so promoter ownership does not change. However, encumbrance has now crossed 70% of promoter holdings and 50% of total share capital, increasing the risk of a forced sale if the NCD obligations are not met. Shareholders should monitor the financial health of the promoter group and its subsidiary.