Promoter entity Swan Corp Engitech Works Private Limited has pledged 20,00,000 equity shares of Swan Corp Limited to secure a financial facility for a group company.

The pledge was created on September 4, 2026, in favor of IDBI Trusteeship Services Limited, acting as trustee for National Bank for Financing Infrastructure and Development (NaBFID). The disclosure was filed with the stock exchanges on September 7, 2026.

Pledge Details

The encumbrance relates to a security for a financial facility obtained by a group entity. The value of the pledged shares at the time of the event was ₹1,469.87 crore, against an involved amount of ₹1,150 crore. This results in a security cover ratio of 1.28.

Promoter Holding Structure

Following this transaction, the total number of encumbered shares held by Swan Engitech Works Private Limited stands at 2,00,00,000. This represents 52.08% of its total holding in Swan Corp Limited.

The promoter’s total holding in the listed company remains 3,84,02,858 shares, constituting 12.25% of the total share capital. The total promoter group shareholding in Swan Corp Limited is 16,91,48,000 shares, or 53.96% of the total share capital.

Other Encumbrances

Other promoter entities also hold pledged shares in the company. Dave Impex Private Limited holds 4,60,30,400 shares (14.68%), with 1,88,91,000 shares (6.03%) already encumbered. Swan Realtors Private Limited holds 4,15,89,000 shares (13.27%), with 3,00,00,000 shares (9.57%) under pledge.

What the Numbers Show

The pledge creation increases the encumbered portion of Swan Engitech Works’ holding to over half its total stake. While the absolute number of new shares pledged is 20,00,000, the cumulative encumbered position of this specific promoter entity now exceeds 50% of its individual holding, signaling a higher concentration of collateral risk within this specific promoter vehicle compared to its unpledged balance.

Swan Corp Limited shareholders approved the company’s FY26 financial statements and a final dividend of ₹0.15 per equity share during its 118th Annual General Meeting on September 4, 2026. Investors also re-appointed Mr. Sugavanam Padmanabhan as Whole-Time Director for three years, effective September 24, 2026. However, they rejected a resolution seeking approval for remuneration to three other executives.

The meeting, chaired by Chairman Navinbhai Dave, was conducted via video conferencing. Of the 313,456,886 equity shares on record as of August 28, 2026, approximately 72.06% were polled for the ordinary business resolutions.

Director Re-appointment Details

Shareholders approved the re-appointment of Mr. Sugavanam Padmanabhan (DIN: 03229120) as Whole-Time Director for a further term of three years. Mr. Padmanabhan is a Chartered Accountant with over 50 years of experience in the Oil & Gas industry and served as former Director (Finance) at Indian Oil Corporation Limited.

Voting Results Overview

Shareholders passed eight out of nine resolutions. The promoter group, holding over 53% of the equity share capital, voted in favor of all non-conflicted resolutions. Public institutional investors showed significant dissent on specific special business items.

What the Numbers Show

The rejection of the remuneration resolution for Mr. Bhavik Merchant, Mr. Vivek Merchant, and Ms. Vinita Patel was driven entirely by public institutional investors. While public non-institutional shareholders voted overwhelmingly in favor (99.70%), public institutions voted against the measure by a margin of 65.09% to 34.90%. This divergence highlights a distinct disconnect between retail/institutional sentiment on executive compensation packages versus broader corporate governance approvals.

Additionally, the promoter group abstained from voting on the related party transaction resolutions due to conflict of interest, resulting in these votes being counted as invalid for that specific category. Despite this, the related party transactions received sufficient support from public shareholders to pass, securing approximately 62.78% of the valid votes polled.

The Company Secretary confirmed that the scrutinizer’s report and voting results are available on the company’s website and the NSDL e-voting platform.