Promoters pledge 94 percent of holdings worth Rs 115 cr as collateral for debt
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Promoters Gautam Udani and Raja Debnath of Veefin Solutions have created a pledge on 83.75 lakh shares (31.43 percent of total share capital, 94.43 percent of promoter holdings) as collateral for a Rs 115 crore loan from Strides Ventures Debt Fund 4, with Axis Trustee Services as trustee. Pledged shares are valued at about Rs 253.93 crore at Rs 303.18 per share, giving a security cover of 2.21 times. Debt will be used for working capital, general corporate purposes and personal use by promoters.
94 percent of promoter shares now pledged for Rs 115 cr debt, raising risk of margin call or forced sale if stock falls below 2.21 times cover.