Horizon Industrial Parks Limited disclosed that its promoters have agreed to covenants in the nature of encumbrance on their entire equity holding, covering 75.4% of the company's share capital. This move secures a term loan facility of up to $480 million availed by the promoter entities.

The disclosure, filed with BSE and NSE on September 30, 2026, clarifies that the promoters themselves have not created a direct pledge on the listed company's shares. Instead, the parent entities of the three promoter companies pledged their holdings in the promoters to secure the facility. The promoters are BREP Asia II Indian Holding Co VI (NQ) Pte. Ltd., BREP Asia II EIP Holding (NQ) Pte. Ltd., and BREP Asia III India Holding Co III Pte. Ltd.

Facility Structure and Security

The encumbrance stems from a facility agreement dated September 28, 2026, involving Deutsche Bank AG, Singapore Branch as the agent and calculation agent. The lenders include Barclays Bank PLC, Deutsche Bank AG, First Abu Dhabi Bank PJSC, GIFT City Branch, and Sumitomo Mitsui Banking Corporation, Singapore Branch. To secure this debt, the parents of each promoter entity executed security documents pledging 100% of their shares in the respective promoter vehicles.

DB International Trust (Singapore) Limited acts as the offshore security agent for the benefit of the lenders. The total value of the encumbered shareholding in Horizon Industrial Parks was calculated at ₹111,008.5 crore based on the volume weighted average price of ₹51.07 per share as of September 28, 2026.

Shareholding Details

The following table details the promoter holdings subject to these covenants:

Note: The share count for BREP Asia II EIP Holding excludes 5 shares held by nominees.

What the Numbers Show

The disclosure highlights a significant leverage event at the promoter level rather than the corporate level. The amount involved against which shares are encumbered is ₹44,970 crore (converted from $468.6 million at an exchange rate of ₹95.9681 per USD). With the market value of the pledged collateral at ₹111,008.5 crore, the security cover ratio stands at 2.47x. This indicates that the value of the promoter stake significantly exceeds the principal amount of the facility, providing a substantial buffer for lenders. The funds are designated for payments or distributions to parents and investors, on-lending, and transaction costs, indicating a capital restructuring or exit-related financing at the holding company level.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE685T01010/1c7a33c4-c660-48a4-98f8-7dcf293687aa.pdf

Horizon Industrial Parks held its 17th Annual General Meeting on September 30, 2026, approving the adoption of audited standalone and consolidated financial statements for FY26.

The meeting, conducted via video conferencing, saw the approval of a special resolution for the Horizon Industrial Parks Limited Employee Stock Option Plan 2025. Members also authorized borrowing limits under Section 180(1)(c) of the Companies Act 2013 and permitted the creation of encumbrances or security interests.

Key resolutions passed

The shareholders transacted seven businesses during the meeting. The statutory auditors' report for the financial year ended March 31, 2026, did not contain any qualifications, observations, or adverse remarks.

Meeting proceedings

The AGM commenced at 11:00 am and concluded at 12:07 pm. Anshu Prakash, Chairman of the Board, chaired the session. Urvish Rambhia, Whole-time Director and Chief Executive Officer, presented the company's operational and financial performance.

A quorum was established with 109 members present. Remote e-voting facilities were available from September 26 to September 29, 2026. E-voting remained open for 15 minutes after the meeting for those who had not voted earlier. Consolidated voting results will be submitted to stock exchanges within two working days.