The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on November 26, 2025 for Shirdi Sai Electricals Ltd
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Shirdi Sai Electricals Ltd (which holds 75% of Indo Tech Transformers as promoter) has created a fresh pledge over 27,61,200 shares (26% of total share capital) on November 21, 2025, in favour of Catalyst Trusteeship Ltd acting as security trustee. The pledge secures NCDs worth Rs 600 crore and optionally convertible debentures worth Rs 150 crore issued to Neo Special Credit Opportunities Fund, Neo Credit Opportunities Fund I, and Neo Special Credit Opportunities Fund II. After this creation, total encumbered promoter shares rise to 61,52,236 (57.93% of total share capital and 77.24% of promoter holding). The earlier pledges (which already covered 31.93% of shares) are to be released once existing lenders are repaid from the new NCD proceeds.
Encumbrance now exceeds 50% of promoter holding and 20% of total share capital, raising the risk profile — if the debentures are not serviced or are converted, it could dilute promoter control or increase supply pressure in the stock. Investors should track whether the OCDs are eventually converted into equity and whether the older pledges are released on schedule.