The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on February 26, 2026 for Vizag Profiles Pvt Ltd
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Promoter Vizag Profiles Pvt Ltd (holding 50.80% of Steel Exchange India) disclosed two encumbrance events on its promoter shares. On February 24, 2026, it released a pledge of 17.16 crore shares (13.76% of total share capital) that was earlier held with Catalyst Trusteeship on behalf of Neo Special Credit Opportunities Fund II, Neo Credit Opportunities Fund I and Neo Prime Fund, as per the debenture trust deed dated December 6, 2025. On February 26, 2026, it created a fresh pledge of 12 crore shares (9.62% of total share capital) in favour of Catalyst Trusteeship on behalf of Incred Special Opportunities Fund-I Category-II, as collateral for 1,000 unrated, unlisted, secured, redeemable, non-convertible debentures of Rs 10 lakh each, aggregating Rs 100 crore, issued by Vizag Profiles itself. Net effect: total encumbered promoter shares declined from 19.63% to 15.50% of total share capital.
Net encumbrance on promoter shares has reduced by roughly 4 percentage points, which is mildly positive for shareholding stability. However, the fresh Rs 100 crore NCD-backed pledge shows the promoter group continues to raise debt against its Steel Exchange stake, keeping promoter shares as ongoing collateral.