Tamilnadu Industrial Development Corporation Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Tamilnadu Industrial Development Corporation Limited (TIDCO), a promoter group entity, has submitted a nil disclosure to the National Stock Exchange confirming that it has not created any encumbrance (pledge) over its shareholding in Southern Petrochemical Industries Corporation Limited. TIDCO holds 88,40,000 shares representing 4.34% of the company's total share capital. This disclosure is filed pursuant to Regulation 31(4) of the SEBI SAST Regulations, 2011, which requires promoters to periodically confirm the status of share pledges.
Positive disclosure for investors as it confirms the promoter group shares are not pledged, reducing risk of forced selling. TIDCO holds a relatively small 4.34% stake as part of the promoter group.