The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on November ....
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Promoter Shirdi Sai Electricals Limited (SSEL), which holds 79,65,000 shares (75%) in Indo Tech Transformers Limited (ITTL), has created a new pledge on 27,61,200 equity shares (26.00% of total share capital) with Catalyst Trusteeship Limited, acting as common security trustee. This pledge is in connection with the issuance of Non-Convertible Debentures (NCDs) aggregating up to INR 600 crores and Optionally Convertible Debentures (OCDs) aggregating up to INR 150 crores, totaling up to INR 750 crores. With this new pledge on November 21, 2025, the total encumbered shares rise to 61,52,236 (57.93% of total share capital), representing 77.24% of the promoter's shareholding in ITTL. The promoter has also given an undertaking to continue to control ITTL at all times.
Shareholders should note that the promoter has now pledged over 77% of its holdings in ITTL, significantly increasing the encumbrance burden. While the funds are being raised by the promoter entity (SSEL), the higher pledge level raises governance and financial risk concerns for minority shareholders in ITTL.