ideaForge Technology CEO and promoter Ankit Mehta pledged 2.8 lakh shares, representing 0.56% of the company’s total share capital, for personal financial requirements, according to an exchange filing dated October 2. The pledge was created on September 28 in favour of Infina Finance Pvt Ltd. Following this, Infina’s total encumbered shares increased to 6.5 lakh, or 1.3% of ideaForge’s share capital. The pledged shares were valued at ₹20.56 crore based on the company’s opening price at BSE on October 2, per inc42.com.
Prior to this pledge, Mehta held 36.87 lakh shares, accounting for 7.42% of ideaForge’s share capital. The newly pledged shares represent 2.23% of his promoter holding. The pledge comes amid a positive share price trend, with ideaForge’s stock gaining about 54% on a year-to-date basis. The company recently raised ₹500 crore through a qualified institutional placement (QIP) in July by allotting approximately 62.89 lakh shares at ₹795 apiece to institutional buyers, according to inc42.com.
ideaForge’s financial performance has seen mixed results. The drone maker reported a net loss of ₹2.3 crore in Q1 FY27, reversing a ₹61 crore profit in Q4 FY26. Operating revenue rose 436% year-on-year to ₹68.6 crore but declined 51% sequentially from ₹141 crore in the previous quarter. The QIP proceeds were allocated for working capital (₹165 crore), debt repayment or prepayment (₹120 crore), and product development (₹90 crore), reflecting the company’s strategic financial management, per inc42.com.
ideaForge’s shares have been on an upward trajectory, with a 54% gain year-to-date. The company also recently received a ₹109.2 crore GST refund, adding to its liquidity position, according to inc42.com.