Promoter encumbrance of 71.06% stake disclosed under SEBI Takeover Regulations
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Print Holdings B.V. and Print I B.V. (promoter group of Stovec) disclosed encumbrance of 14,83,777 shares (71.06% of capital and promoter holding) under SEBI Takeover Regulations. The encumbrance, in favour of Magenta Holding B.V., arises from a February 2025 Shareholders Agreement at the Dutch holding company level after lenders converted debt to equity. Magenta Holding now has drag-along, tag-along rights and an option to take full control of Print I.
Magenta Holding could potentially take control of the promoter entity, creating change-of-control uncertainty for Stovec shareholders despite no direct encumbrance on its shares.