Prism International Pvt. Ltd. (Prism), a subsidiary of GDL had availed a term loan facility of INR 75,00,00,000 (Rupees Seventy-Five Crore only) from IL&FS Financial Services Limited (IFIN) in September 2017, which was to be repaid by October, 2020. The loan was secured by a pledge of 65,00,000 (Sixty-Five Lakh) listed shares of Gateway Distriparks Limited (GDL).
Prism has now prepaid the entire amount together with interest and TDS on 22nd April 2020. IFIN has released 64,70,000 shares on 27th April 2020, which represents 26% of the 22.9% GDL’s shareholding by Prism and 5.95% of GDL’s share capital. The balance 30,000 shares will be released from encumbrance after submission of TDS certificates for the TDS amount deducted on the interest amount paid on the loan bringing the pledge of the promoter group to nil.
