Sreekanth Reddy Sammidi Pledges Shares in Sagar Cements Ltd for Debt Availed by R V Consulting Services Private Limited

Sreekanth Reddy Sammidi, a promoter of Sagar Cements Ltd, has pledged shares as additional security for the debt availed by R V Consulting Services Private Limited, a promoter group company. This pledge is in accordance with Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. The pledged shares are intended to cover a one-time cover for secured unrated unlisted redeemable non-convertible debentures ('NCDs') to an extent of Rs.200 crores. This pledge and the restriction on change of control will fall within the definition of the term 'encumbrance' provided under Chapter V of the SEBI (SAST) Regulations, 2011.