Hella Infra Market pledges more Shalimar Paints shares

Hella Infra Market Limited (HIML), a promoter of Shalimar Paints Limited (SPL), announced additional pledges of SPL equity shares on September 29, 2025, and December 4, 2025. This disclosure reveals pledges of 2,303,621 and 5,747,126 equity shares respectively, in favor of Catalyst Trusteeship Limited (CTL). These new pledges are in addition to an existing encumbrance of 36,192,174 equity shares, raising the total encumbered shares to 44,242,921, representing 52.85% of SPL's total share capital.

The encumbrances are for the benefit of NCD Subscribers, to whom HIML's subsidiary, Hella Infra Market Retail Private Limited, issued INR 2,500 denominated, senior, secured, redeemable, and unlisted non-convertible debentures. The total promoter shareholding in SPL is 62,751,151 shares, or 74.96% of the total share capital, with 70.50% of the promoter shareholding now encumbered.

The additional security for the NCDs includes the 2,303,621 shares, which were originally part of a separate security issuance by a group company of HIML, now extended for NCDs issued by Hella Infra Market Retail Private Limited. The re-initiation of the pledge for 5,747,126 shares, previously disclosed on June 3, 2024, occurred after it was confirmed that these shares were no longer in lock-in.