Acquisitions28 March 2026 at 08:31 am
Promoter Sreekanth Reddy Sammidi Pledges Shares in Sagar Cements Ltd for Debt Availed by R V Consulting Services
AI Summary
Promoter Sreekanth Reddy Sammidi has pledged shares in Sagar Cements Ltd as additional security for the debt availed by R V Consulting Services Private Limited, a promoter group company. The pledge is for an amount of Rs.200 crores, and it is in the form of unrated unlisted redeemable non-convertible debentures (NCDs) with a one-time cover. The debenture trust deed (DTD) requires that there is no change of 'Control' of Sagar Cements Limited (SCL) without the consent of the debenture trustee of the NCDs. This pledge and restriction on change of control will fall within the definition of the term 'encumbrance' provided under Chapter V of the SEBI (SAST) Regulations, 2011.
Key Highlights
- Promoter Sreekanth Reddy Sammidi has pledged shares in Sagar Cements Ltd for a debt availed by R V Consulting Services Private Limited.
- The pledge is for an amount of Rs.200 crores, and it is in the form of unrated unlisted redeemable non-convertible debentures (NCDs) with a one-time cover.
- The debenture trust deed (DTD) requires that there is no change of 'Control' of Sagar Cements Limited (SCL) without the consent of the debenture trustee of the NCDs.
- This pledge and restriction on change of control will fall within the definition of the term 'encumbrance' provided under Chapter V of the SEBI (SAST) Regulations, 2011.
- The pledge does not affect the promoter's right to freely transfer up to 5% of their respective total holdings.