The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on December 09, 2025 for Umashiv Garments Pvt Ltd
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Umashiv Garments Pvt Ltd, a promoter of Steel Exchange India Ltd holding 24.61 crore shares (19.73% of capital), disclosed two simultaneous encumbrance events on December 9, 2025. First, it released its existing pledge on 24.57 crore shares (19.71%) with Catalyst Trusteeship (acting for Vishwa Samudra Holdings) after fully repaying the underlying loan. Second, it created a fresh pledge on 1.45 crore shares (1.17%) in favour of Catalyst Trusteeship as collateral for 18,500 unlisted, unrated, secured NCDs of ₹1 lakh each (aggregating ₹185 crore) issued by group company Vizag Profiles Pvt Ltd. After the transactions, total encumbered shares stand at 24.57 crore (19.71% of capital and only 2.30% of promoter holding).
The share base being pledged actually drops meaningfully — from a 19.71% block released against Vishwa Samudra Holdings to a much smaller 1.17% block for Vizag Profiles' NCDs — so the old lender is fully repaid and exitied. For retail investors, this indicates the promoter group has refinanced/reshuffled debt at the group level; total promoter stake (50.80%) is unchanged and encumbrance remains comfortably below 20% of capital, so no immediate red flag on control or dilution.