Nearly a third of the combined pre-IPO stake held by Zetwerk’s promoters and promoter group, or almost 6.65% of the shares, have been pledged, according to the Bengaluru-based manufacturing company's updated draft red herring prospectus, filed on Thursday.
Founders Srinath Ramakkrushnan and Amrit Acharya have pledged 1.85% of the company's equity directly. However, the broader promoter group, which holds 4.81% of the company through Creovate Innovation Pvt Ltd (a holding company owned by the two founders) and family trusts linked to them, is heavily encumbered. Of their holding, 4.80% is pledged, as per the draft IPO filing.
