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 October ....
Awaiting price reaction for this filing.
Promoter Zuari Agro Chemicals Limited has created a new pledge (Encumbrance No. 7) on 1,03,36,540 shares (8.72% of MCFL's paid-up capital) on 29 September 2025 in favour of 360 One Prime Limited, an NBFC, to secure a Rs. 150 crore loan for general corporate purposes. With this new pledge, the promoter holds 6,40,28,362 shares (54.03% of MCFL), of which 100% are now encumbered. The filing also details six prior encumbrances and a long history of past pledge releases tied to loan repayments. Promoter has confirmed that encumbered shares are 50% or more of its holding and 20% or more of total share capital.
Nearly the entire promoter stake in MCFL is now pledged, raising concerns about financial stress at the parent level (Zuari Agro). However, the new Rs. 150 crore loan is for general corporate purposes of ZACL, and past notes show many pledges have been released on loan repayment, suggesting active deleveraging.