Promoter of Radico Khaitan repays loan against pledged shares
Sapphire Intrex Ltd, the promoter entity of Radico Khaitan informed the bourses after the market hours on Tuesday that it has repaid the entire loan taken against the pledged shares.
Further, it added that they have fully repaid all the loans against pledged shares of the target company and hence, all the shares held in promoters' accounts/companies are free from any encumbrance, whatsoever. Sapphire Intrex Ltd holds a nearly 33.98 per cent stake in Radico Khaitan.
As on Q1FY21, the share of promoter and promoter entity is at 40.31 per cent while around 1.13 per cent of the total share capital were pledged by the promoters. The shares were pledged with Axis Finance Ltd and Aditya Birla Finance Limited.
In the recent quarter, the company has reduced net debt by Rs 122 crore and wishes to be a debt-free company by the fiscal year 2021-22. Notably, since FY16, the company has reduced a cumulative net debt of Rs 687 crore. As on Q1FY21, the total debt was at Rs 296.63 crore and cash & bank balances were at Rs 36.80 crore.
The stock of Radico Khaitan in today's session was trading in negative terrain. The stock, which opened at Rs 444.60, hit the intraday low of Rs 409 apiece.
Radico Khaitan engages in the manufacture and trade of liquor as well as alcoholic beverages.