GTN Textiles Ltd Discloses Encumbered Shares in Patspin India Ltd for FY26

GTN Textiles Ltd has submitted its mandatory annual disclosure regarding encumbered shares in Patspin India Ltd for the financial year ended March 31, 2026, in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. The disclosure was filed with BSE Limited on April 2, 2026.

Shareholding Details

As the main promoter of Patspin India Ltd, GTN Textiles Ltd holds a significant stake in the company. The current shareholding structure shows GTN Textiles' substantial presence in Patspin India Ltd.

Parameter	Details
Total Holding	1,42,87,068 equity shares
Shareholding Percentage	46.21%
Share Face Value	₹10 each
Encumbered Shares	72,86,405 equity shares
Encumbrance Percentage	23.57%

Pledge Details and Background

The encumbrance on GTN Textiles' shareholding stems from a pledge arrangement established in July 2023. The company pledged 72,86,405 equity shares on July 17, 2023, in favor of Central Bank of India Consortium as part of an approved Resolution Plan for Patspin India Ltd.

The banking consortium comprises three major financial institutions:

Central Bank of India
State Bank of India
The Karur Vysya Bank Ltd

Regulatory Framework

This pledge arrangement was executed pursuant to an approved Resolution Plan under the Reserve Bank of India Circular dated June 7, 2019, which falls under the Principles of Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019. GTN Textiles confirmed that apart from this specific pledge, no other encumbrances exist on its shareholding in Patspin India Ltd, either directly or indirectly.

Compliance and Disclosure

The disclosure follows SEBI Circular SEBI/HO/CFD/DCR-3/P/CIR/2022/27 dated March 7, 2022, which mandates system-driven disclosures for encumbered shares. The filing ensures transparency regarding promoter shareholding encumbrances and maintains regulatory compliance for both companies involved in the arrangement.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.94%	+5.30%	-6.84%	-19.41%	-21.89%	+47.29%

Patspin India Ltd has disclosed significant defaults on its bank loan obligations, reporting a total default amount of Rs 24.37 crore as of March 31, 2026. The Kochi-based textile company submitted this disclosure to BSE Limited on April 1, 2026, in compliance with SEBI Circular dated November 21, 2019.

Default Details and Bank Exposure

The company's defaults span across three major banking institutions, with varying degrees of exposure and outstanding amounts.

Bank	Outstanding Amount (Rs)	Interest Default (Rs)	Principal Default (Rs)
Central Bank of India	33,00,00,000	4,50,84,482	9,70,20,000
State Bank of India	20,76,70,000	2,82,22,076	6,10,90,000
Karur Vysya Bank	2,90,70,000	37,62,505	85,50,000
Total	56,67,40,000	7,70,69,063	16,66,60,000

Financial Position Summary

The company's overall financial indebtedness presents a concerning picture with substantial defaults relative to total borrowings.

Parameter	Amount (Rs Crore)
Total Outstanding Borrowings	56.67
Principal Default	16.67
Interest Default	7.71
Total Default Amount	24.37
Default as % of Total Outstanding	43.00%

Regulatory Compliance

The disclosure was made pursuant to SEBI Circular SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21, 2019, and in compliance with SEBI Listing Regulations. The company's Chief Financial Officer T Ravindran signed the disclosure documents submitted to the stock exchange.

Company Profile

Patspin India Ltd, incorporated in 1991 with CIN L18101KL1991PLC006194, operates from its registered office at Palal Towers, MG Road, Ravipuram, Kochi. The company holds ISO 9001:2005 and ISO 14001:2005 certifications and is engaged in textile manufacturing operations.

The default disclosure indicates significant financial stress for the company, with defaults representing nearly half of its total bank borrowings. Central Bank of India bears the highest exposure among the three lenders, accounting for approximately 58% of the total outstanding amount.