Pledge is in favor of AGP Holdco (Alghurair group, UAE) who will eventually become the promoter of the company. This is part of agreement between the 2 parties that Sanjay Shroff will not sell his stake without approval of AGP.
This is not a financial pledge, hence, investors should not consider this as an issue.
Promoter Sanjay Shroff (founder of Urdu poetry platform Rekhta) had been trying to sell the company for last 2yrs as next generation is not interested. Dubai based AL Ghurair group is buying into the company in a 2 part deal, 25% now at 1,600/share and balance via call/put option over next 3 years.
Al Ghurair group owns Taghleef industries which has BOPP capacity (500k TPA) similar to the size of Polyplex (435k TPA)
CEO of the group will soon come on board of Polyplex
I think this is a special situation, where the company could get a boost from new promoter/management.
There is also the opportunity for enhanced distribution network if Polyplex can leverage AGPs distribution network.
Disc: Have a tracking position.
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