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Mr. Parv Jain from the Promoter Group of Magnum Ventures Limited has extended the pledge of his 83,24,255 equity shares under a new agreement. This extension secures an additional ₹30 crore against the existing ₹150 crore of 18% Listed, Secured, Redeemable, Non-Convertible Debentures (NCDs). Parv Jain currently holds a total of 1,27,61,755 equity shares in the company. The agreement involves Catalyst Trusteeship Limited as the Debenture Trustee and outlines the rights to receive payments, invoke pledges, and manage collateral in case of a default.
This move indicates the company’s continued reliance on debt financing, potentially enhancing liquidity but raising concerns about leverage. Investors should monitor this development closely, as it may affect the company's financial stability and growth trajectory.