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 June ....
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Pristine Malwa Logistics Park Pvt Ltd, the promoter (HoldCo) of Sical Logistics with a 90% stake (5.87 crore shares), has created an encumbrance on 3.33 crore shares, equal to 51% of the company's total share capital, on June 17, 2025. This includes a pledge on 3.28 crore shares (50.34% of capital) and a non-disposal undertaking covering the full 51%, both in favour of Catalyst Trusteeship Limited (security trustee). The value of the encumbered shares is about ₹353 crore against a borrowing of ₹250 crore, giving a security cover of 1.41x (above the minimum 1.25x required). The encumbrance is linked to a HoldCo Undertaking cum Subordination Deed and a Securities Pledge Agreement, under which the promoter must retain at least 51% ownership and control of Sical Logistics. The filing confirms encumbered shares are over 50% of promoter holding and over 20% of total share capital, both thresholds triggering disclosure under SEBI's takeover regulations.
A large pledge on the promoter's shares raises the risk of forced selling if Sical Logistics' stock price falls sharply, though the 1.41x cover provides a cushion. Shareholders should monitor share price movements and any margin-calls, but no immediate change in promoter control is expected.