Shapoorji Pallonji and Company Private Limited (SPCPL) has filed a revised disclosure concerning the encumbrance of its shares in Afcons Infrastructure Limited, following up on an earlier intimation from February 17, 2026. This revision, dated March 10, 2026, explicitly names the lender involved in the pledge of 1,22,34,940 equity shares. The initial filing lacked the required lender name as per the regulations, necessitating this updated submission.
Revised Encumbrance Disclosure Submitted
Shapoorji Pallonji and Company Private Limited (SPCPL) has formally submitted a revised disclosure to the stock exchanges concerning the pledge of its shares in Afcons Infrastructure Limited. This update addresses an omission in the initial intimation sent on February 17, 2026.
The core of the revision pertains to the pledge of 1,22,34,940 equity shares, which represents 3.33% of the total share capital of Afcons. The initial filing did not specify the name of the lender, a requirement under the applicable regulations. The revised submission now includes the name of the entity in whose favor the shares have been encumbered.
Details of Share Encumbrance
The filing shows that SPCPL’s total promoter holding in the target company is 5,66,81,410 shares, equating to 15.41% of the total share capital. Prior to this event, 4,44,46,470 shares (12.08%) were already encumbered. The new event detailed is a Pledge created on February 16, 2026, involving 1,22,34,940 shares (3.33%). This pledge was executed for Working Capital Requirement.
The entity benefiting from this latest pledge is identified as Catalyst Trusteeship Limited (Debenture Trustee), along with JM Financial Credit Solutions Limited and other investors/lenders. This specific encumbrance is noted as representing a second charge over the shares.
Valuation Context of the Pledge
The filing provides specific valuation context for the pledge creation on February 16, 2026:
- Value of Equity Shares was calculated at Rs. 326.30/- per share based on the closing price on the National Stock Exchange of India Limited (NSE).
- Value of Equity Shares was calculated at Rs. 326.20/- per share based on the closing price on the BSE Limited on the same date.
Security and Asset Cover Ratios
The structure involves multiple layers of security. For the transaction involving Catalyst Trusteeship Limited and JM Financial Credit Solutions Limited, the ratio of the asset cover (Value of Shares) to the amount involved was calculated as 2.347.
The document confirms that the more than 50% of SPCPL’s shareholding has been encumbered as on the reporting date.
Source: BSE
