Promoters pledge 100 percent of shares to secure company debentures
VARDMNPOLY · price
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On the reaction day the stock moved 4.0 pts less than Nifty Microcap 250 and 3.0 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Promoters and promoter group of Vardhman Polytex have pledged 100 percent of their entire shareholding, totaling 18.11 crore shares or 37.50 percent of total share capital, in favor of Catalyst Trusteeship as debenture trustee for Situation India Special Situation Fund. The pledge secures debentures issued by the company. This is a re-submitted disclosure after BSE raised observations on the original April 10 filing. Additionally, 2.54 crore warrants pending conversion by Oswal Holding are under a non-disposal undertaking.
Full pledging of promoter holdings signals major debt-backed funding for the company, raising governance and risk concerns for minority shareholders.