IIRM Holdings India Limited Discloses Non-Disposal Undertaking for Promoter’s Shares
IIRM Holdings India Limited, formerly known as Sudev Industries Limited, announced that Promoter Mr. Vurakaranam Ramakrishna has executed a Non-Disposal Undertaking (NDU) regarding equity shares held in the company. This action is linked to a Non-Convertible Debenture (NCD) availed by India Insure Risk Management and Insurance Broking Services Private Limited, a wholly-owned subsidiary of IIRM Holdings India Limited.According to a filing, Mr. Ramakrishna’s NDU covers 2,000,000 equity shares, representing approximately 29.35% of the total share capital. The shares are held in favor of Axis Trustee Services Limited.
The encumbrance is associated with Senior, Secured, Unrated, Redeemable NCDs and is linked to the organic and inorganic growth of India Insure Risk Management and Insurance Broking Services Private Limited. The value of the shares associated with the NDU is 161.66 crore Indian Rupees, and the borrowed amount is 65.00 crore Indian Rupees. The required ratio is 2.49 times.
As of March 28, 2026, Mr. Ramakrishna held 39,190,452 shares, constituting 57.51% of the total share capital. The NDU represents 51.03% of his promoter shareholding.
| Detail | Value |
|---|---|
| Number of Shares Encumbered | 2,000,000 |
| Percentage of Total Share Capital | 29.35% |
| Entity in Whose Favor Shares are Encumbered | Axis Trustee Services Limited |
| Reasons for Encumbrance | Senior, Secured, Unrated, Redeemable NCD |
| Date of Creation of Encumbrance | March 28, 2026 |
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