The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Catalyst Trusteeship Ltd
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Shirdi Sai Electricals Ltd (the promoter/promoter-group entity) has created a pledge over 27,61,200 equity shares of Indo Tech Transformers Ltd, representing 26% of the company's total share capital. The pledge is in favour of Catalyst Trusteeship Ltd, acting as common security trustee for holders of Non-Convertible Debentures (up to Rs 600 crore) and Optionally Convertible Debentures (up to Rs 150 crore) issued by Shirdi Sai Electricals. This converts the earlier encumbrance undertaking (disclosed on Nov 3, 5, and 11, 2025) into an actual pledge under a Securities Pledge Agreement dated November 21, 2025. The pledgor has also undertaken to maintain control over Indo Tech Transformers at all times per the transaction documents. The acquirer (Catalyst Trusteeship) is not part of the promoter group.
A significant 26% of Indo Tech Transformers' shares held by the promoter entity are now pledged as collateral for debentures worth up to Rs 750 crore. While this provides funding visibility for the promoter group, it increases the risk for minority shareholders — any default on the debentures could lead to invocation of the pledge and potential change in control of the company.