ideaForge Founder Ankit Mehta Pledges 2.8 Lakh Shares For “Personal Requirements”

Dronetech company ideaForge Technology promoter and CEO Ankit Mehta has pledged 2.8 Lakh shares — 0.56% of the company’s total share capital — for “personal financial requirements.”

According to an exchange filing dated October 2, Mehta created the pledge on September 28 in favour of Infina Finance Pvt Ltd. Following the pledge, the total number of encumbered shares held by Infina increased to 6.50 Lakh, representing 1.30% of ideaForge’s share capital.

As per the opening price of ideaForge at BSE today, Mehta pledged shares worth ₹20.56 Cr.

The CEO held 36.87 Lakh shares, or 7.42% of ideaForge’s share capital, prior to the fresh pledge. The newly pledged shares represent 2.23% of promoter holding. 

The pledge comes at a time when ideaForge’s shares are trading on an upward trajectory. The shares have gained about 54% on a year-to-date basis. 

On the financial front, the drone maker reported a  net loss of ₹2.3 Cr in Q1 FY27, reversing the ₹61 Cr profit recorded in Q4 FY26. Meanwhile, its operating revenue rose 436% YoY to ₹68.6 Cr, although it declined 51% sequentially from ₹141 Cr in the March quarter.

In the second quarter of the ongoing fiscal year, ideaForge raised ₹500 Cr through a QIP in July by allotting around 62.89 Lakh shares to qualified institutional buyers at ₹795 apiece. 

Of the proceeds, around ₹165 Cr was earmarked for working capital, ₹120 Cr for debt repayment or prepayment and ₹90 Cr for product development.

Recently, the listed company received a ₹109.2 Cr GST demand and penalty order over alleged tax underpayment for January 2022 to March 2024. 

Shares of ideaForge were trading -2.97% lower at ₹712.50 as of 13:40 IST.

The post ideaForge Founder Ankit Mehta Pledges 2.8 Lakh Shares For “Personal Requirements” appeared first on Inc42 Media.