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 March ....
SMSPHARMA · price
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Potluri Infra Projects LLP, a promoter of SMS Pharmaceuticals, has encumbered all of its 73,46,420 equity shares (8.68% of total share capital) in favor of Vistra ITCL (India) as Debenture Trustee, with Avendus PE as the lender. The encumbrance is in the form of a Non-Disposal Undertaking (NDU) created on 25 March 2025. It serves as security for Non-Convertible Debentures issued by Potluri Laboratories Pvt Ltd, another promoter entity, not SMS Pharma itself. The encumbered shares are valued at Rs. 167.24 crore against a debt of Rs. 165 crore, giving a thin security cover of just 1.01x. The filing also confirms that 100% of Potluri Infra Projects LLP's individual shareholding is now encumbered, crossing the 50% threshold. Total promoter holding remains 64.67% of SMS Pharma.
This is a watch-out signal for retail investors: 100% of one promoter entity's stake is now pledged/encumbered as collateral for debt raised by a separate promoter-group company (Potluri Labs). If Potluri Labs defaults, these SMS Pharma shares could be at risk, and the security cover is razor-thin at 1.01x. The funds do not flow to SMS Pharma, so the company itself is not directly benefited.