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 February ....
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Vizag Profiles Private Limited, the promoter of Steel Exchange India Ltd holding 50.80% of total share capital, has reported two events on its encumbered shares. On February 24, 2026, a pledge of 17.16 crore shares (13.76% of total capital) was released — these shares were earlier pledged in favour of NEO Special Credit Opportunities Fund II and related NEO funds. On February 26, 2026, a new pledge of 12 crore shares (9.62% of total capital) was created in favour of Catalyst Trusteeship Limited (acting as Debenture Trustee for Incred Special Opportunities Fund-I). The new pledge is against 1,000 secured, unlisted, unrated, non-convertible debentures of ₹10 lakh each, totalling ₹100 crore, issued by Vizag Profiles itself. After both events, total encumbered promoter shares stand at 19.33 crore shares (15.50% of total capital), which is below both the 50% promoter holding threshold and the 20% total capital threshold.
Net effect is a modest reduction in pledged shares (from 19.63% to 15.50% of capital) and a change in lender. The new pledge is for the promoter's own borrowings (₹100 crore debentures), not for the listed company's direct benefit, which signals promoter-level leverage rather than company-level funding. Encumbrance levels remain comfortable, so no immediate negative signal for minority shareholders.