Embassy Property Developments Private Limited and JV Holding Private Limited, the promoter groups of Embassy Developments Limited (EDL), have disclosed the reasons for the encumbrance (pledge) of a significant portion of their equity shares between March 20, 2026, and March 23, 2026. The encumbrance affects 25.39% of the total share capital and is primarily in favor of a trustee to secure debentures issued by related entities, with funds utilized for refinancing and general corporate purposes.
Disclosure of Share Encumbrance by Promoters
Embassy Property Developments Private Limited (Promoter Group) and JV Holding Private Limited (Promoter) have submitted a joint disclosure concerning the pledge of equity shares in Embassy Developments Limited (“EDL”). This action occurred between March 20, 2026, and March 23, 2026.
The total promoter shareholding in EDL stands at 42.6517% of the total share capital. The shares encumbered represent 59.52% of the total promoter holding, equating to 25.39% of the total share capital.
Details of Encumbrances (Pledges)
The encumbrances were executed across four separate events related to the two promoter entities:
- EPDPL (Encumbrance No. 1): An additional pledge of 62,00,000 shares on March 20, 2026, and 1,43,00,000 shares on March 23, 2026. This resulted in 6,53,40,000 equity shares pledged in total, representing 4.70% of the total share capital.
- JVHPL (Encumbrance No. 1): NA regarding specific pledge events in this column, though the total pledge amount is consolidated below.
- EPDPL (Encumbrance No. 2): An additional pledge of 1,10,00,000 shares on March 20, 2026, and 2,50,00,000 shares on March 23, 2026. This resulted in 4,45,00,000 equity shares pledged in total, representing 3.20% of the total share capital.
- JVHPL (Encumbrance No. 2): This entity reported a total pledge of 18,01,05,690 equity shares, equating to 12.95% of the total share capital.
Security and Utilization of Funds
The entity in whose favor the shares were encumbered (X) is Catalyst Trusteeship Limited for EPDPL and JV Holding Private Limited for JVHPL, both operating under the nature of business: Trusteeship services.
The encumbrance is specifically related to Debentures. For EPDPL, the related debt instruments are secured, redeemable, unrated, unlisted, non-convertible debentures of face value of ₹10 lakh each (ISINs: INE11G507091 and INE11G507109). For JVHPL, the instruments share similar characteristics (ISINs: INE686T07015 and INE686T07023).
The security cover (Value of shares as of March 23, 2026) against the pledged amount was significant:
- For EPDPL commitments totaling ₹285,00,00,000/-, the security cover was ₹583,22,44,248.40/-, resulting in an Asset Cover ratio of 2.05.
- For JVHPL commitments totaling ₹500,00,00,000/-, the security cover was ₹1019,93,44,382.90/-, resulting in an Asset Cover ratio of 2.04.
The borrowed amount is intended to be utilized by the promoter or promoter group towards refinance of existing facilities, working capital, and general corporate purposes.
Source: BSE
