The company's existing debt facilities have been taken over by Axis Finance Limited & Poonawala Fincorp
As a result of this refinancing arrangement, the pledge created on equity shares held by members of the Promoter Group is being released in full from previous lenders Investec AIF & Tata Capital Limited
A total of 1,42,03,818 equity shares will be released from encumbrance
This represents 40.65% of the company's total paid-up equity share capital
This represents 94.51% of the Promoter Group's total holding
Only 5.49% of the Promoter Group's holding remains pledged, which is with SBM Bank for working capital facilities
Interest Rate Reduction
The borrowing cost of the company will be reduced to sub-10% per annum effective from July 1, 2026
This represents a reduction from the previous rate of 12.5% per annum
This reduction is expected to lower the finance cost of the company
The lower finance cost is expected to support profitability in future periods
