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 December ....
STEELXIND · price
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On the reaction day the stock moved 1.9 pts less than Nifty Microcap 250 and 2.7 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Promoter Vizag Profiles Private Limited (holding 50.80% of Steel Exchange India Ltd) disclosed a restructuring of its share encumbrance. The existing pledge over 17.16 crore shares (13.76% of total share capital), held on behalf of Vishwa Samudra Holdings, was released following full repayment of the earlier loan. A fresh pledge over the same 17.16 crore shares was created in favour of Catalyst Trusteeship Limited (Debenture Trustee) as collateral for newly issued debentures. The debenture issue comprises 18,500 unrated, unlisted, secured, redeemable, non-convertible debentures of ₹1 lakh each, aggregating ₹185 crore, issued by Vizag Profiles itself. The net encumbered position remains unchanged at 17.16 crore shares (13.76% of capital; 27.08% of promoter holding), well below the 50% disclosure threshold.
This is essentially a refinancing of the promoter's borrowings rather than a fresh borrowing or stake change – an old pledge is replaced by a new one on the same shares, so the encumbrance level on the company does not change. The new debt is unrated, unlisted and raised at the promoter/group level, so retail investors should keep an eye on promoter leverage and any future disclosures about end-use of the ₹185 crore.