Gateway Distriparks repays loan and de-pledges share held with IL&FS

April 28, 2020: Prism International, a subsidiary of Gateway Distriparks, repaid the entire loan amount of Rs 75 crore along with interest and TDS on April 22, 2020, to IL&FS Financial Services (IFIN) and in turn got the 64,70,000 listed shares of Gateway Distriparks back on April 27.

Prism had availed a term loan facility of Rs 75 crore from IFIN in September 2017, which was to be repaid by October 2020. The loan was secured by a pledge of 65,00,000 listed shares of Gateway Distriparks Limited (GDL).

IFIN has released 64,70,000 shares on April 27, which represents 26 percent of the 22.9 percent GDL's shareholding by Prism and 5.95 percent 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.