Promotor entity Agilemed and Lonefurrow has good chunk of debt in their book. This debt is via NCD, they were due for payment. They decided to refinance it by issuing new NCDs. For this they created this pledge. This is common practice. It is not illegal, but risky. Both Agilemed and Lonefurrow does not have any other asset or business apart from MedPlus shares. They have no other source of income. I think for very good amount of time, he is going to refinance rather than repaying
NCDs are not issued to promoter entity. In this case, NCDs are issued by promotor entity to other party. In this transaction, MedPlus neither issues NCD nor buys this NCD. Only relevance of MedPlus to this transaction is their shares are provided as collateral to this.
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