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 ....
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Promoter Hella Infra Market Limited (HIML) has additionally pledged 23,03,621 shares (2.75% of capital) on September 29, 2025 and 57,47,126 shares (6.87%) on December 4, 2025 in favour of Catalyst Trusteeship Limited, the debenture trustee for NCD subscribers. With this, HIML's total encumbered shares have risen to 4,42,42,921 shares, equal to 52.85% of Shalimar Paints' total share capital — meaning 100% of HIML's own stake (also 52.85%) is now pledged. The pledge is security for ₹250 crore of non-convertible debentures issued by HIML's subsidiary Hella Infra Market Retail Pvt Ltd. Total promoter group holding stands at 74.96%, of which 70.50% is encumbered.
All of the main promoter HIML's shares are now pledged as collateral for subsidiary-level NCD borrowings, signalling high leverage and limited free float from the promoter. While routine, this raises risk perception for minority shareholders if the NCDs face any stress leading to invocation.