Stocks

Nova Synthetics pledges shares of Deepak Fertilisers for a loan facility from Bajaj Finance

Our Bureau Mumbai | Updated on November 25, 2021

6,00,000 equity shares of DFPCL have been pledged

Nova Synthetics has provided a corporate guarantee to Bajaj Finance for the loan facility availed by Robust Marketing Services Private Limited (Robust), a promoter group company.

As per the said guarantee, the Nova Sythetics has pledged 6,00,000 equity shares of Deepak Fertilisers And Petrochemicals Corporation Limited (DFPCL) in the favour of lender in respect of the aforesaid facility availed by Robust.

"Nova has provided a corporate guarantee to Bajaj Finance Limited (BFL) for its lending to Robust (a Promoter group company). The said guarantee contains a clause restricting Nova from borrowing against pledging of DFPCL shares without prior written consent of BFL. As the exact number of such shares have not been recorded in the agreement, in the interest of disclosure in utmost good faith, all the shares of DFPCL held by Nova were shown as encumbered," the company said in a report to the stock exchange.

" However, the combined reading of all facility documents clearly convey that obligation to further pledge in the event of security top up required, is restricted upto 45,00,000 equity shares (4.1607 per cent of DFPCL paid-up share capital), which is the maximum quantity acceptable to the lender in case of security top-up contingency requirement. Further, due to security top-up requirement, out of total 4,35,92,875 equity shares of DFPCL held by Nova only 6,00,000 equity shares were pledged to BFL on 22nd November, 2021 in respect of its lending to Robust," it added

Published on November 25, 2021

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