India, Oct. 5 -- 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 Rs.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 a...