Promoter gives pledge undertaking on 27.6 lakh shares for INR 750 cr debentures
INDOTECH · price
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Promoter Shirdi Sai Electricals Limited disclosed an encumbrance undertaking on 27,61,200 equity shares (26% of capital) of Indo Tech Transformers as security for issuance of secured NCDs worth INR 600 crores and optionally convertible debentures worth INR 150 crores (total INR 750 crores). The pledge is to be created in future with Catalyst Trusteeship Limited as debenture trustee, once existing lenders are repaid. Promoter holds 75% of Indo Tech (79,65,000 shares) with 57.12% already encumbered across 7 prior pledges.
Promoter raising INR 750 cr via debentures backed by Indo Tech shares. Total encumbered shares at 57.12% of capital, a high pledge level worth monitoring.