Promoter group creates pledge on 14,00,000 shares (1.63%) with Jio Credit Limited
Nirani Holdings (promoter group) has pledged 14,00,000 equity shares (1.63% of capital) with Jio Credit Limited, valued at 58.10 Cr.
By ScoutQuest · · 1 min read
- Shares Pledged
- 14,00,000 equity shares
- Percentage of Capital
- 1.63%
- Transaction Value
- 58.10 Cr
- Total Holding by NHPL
- 16,57,411 shares (1.93%)
- Lender
- Jio Credit Limited
What was disclosed
The company informed the exchanges of disclosures received from Nirani Holdings Private Limited (NHPL), a promoter group entity, under SEBI (SAST) Regulation 31(1) and SEBI (PIT) Regulation 7(2).
The numbers
- NHPL holding in the company: 16,57,411 shares, being 1.93% of total share capital.
- Shares already encumbered before this event: Nil.
- Type of event: creation. Type of encumbrance: Pledge.
- Shares pledged now: 14,00,000 shares, being 1.63% of total share capital.
- Value of the transaction as stated in Form C: 58.10 Cr.
- Entity in whose favour shares are encumbered and ultimate lender: Jio Credit Limited (formerly known as Jio Finance Limited).
Reason stated
The shares are pledged as security for debt availed by Mr. Vijaykumar Nirani and Mr. Vishal Nirani, promoters of the company, from Jio Credit Limited, for the purpose of financing the acquisition of shares of TruAlt Bioenergy Limited, with the objective of increasing their shareholding in the company.
How to read it
A pledge means the shares are offered as collateral to a lender; ownership stays with the promoter group entity unless the lender invokes the pledge. Here the borrowing is stated to be for buying more shares of the company rather than for company operations. The company itself is not the borrower in this disclosure. Investors typically track promoter encumbrance levels because pledged shares carry the risk of invocation if loan terms are not met.
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More numbers
- Shares pledged14,00,000
- Pledged shares as % of total share capital1.63%
- NHPL total holding16,57,411
- NHPL holding as % of total share capital1.93%
- Value of pledge transaction58.10 Cr
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