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MUMBAI: IDBI Trusteeship Services Ltd. has invoked 30 million pledged shares, representing a 1.98% equity stake in Hindustan Construction Company (HCC), after promoter group company Arya Capital Management defaulted on its non-convertible debenture.

“On the instructions of the investors/lenders pledge over 3,00,00,000 equity shares have been invoked on 18 November by IDBI Trusteeship Services Ltd acting as debenture trustee (as per the instructions of debenture holders) which were pledged as security for non-convertible debentures of 270 crore issued by Arya Capital Management," according to a filing with the BSE.

According to the regulatory filing, IDBI Trusteeship Services is the debenture trustee for NCDs issued by Arya Capital Management Pvt Ltd. The company issued debentures and to secure these debentures, it pledged shares of HCC in favour of the debenture trustee.

Incorporated in 1926, HCC is the flagship company of the HCC Group and is involved in engineering and construction of infrastructure projects such as dams, tunnels, bridges, hydro, nuclear and thermal power plants, expressways and roads, marine works, water supply, irrigation systems and industrial buildings across the country, according to 12 August note by Icra.

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