The Exchange has received the revised disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Catalyst Trusteeship Ltd
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Catalyst Trusteeship Ltd, acting as Debenture Trustee for Shirdi Sai Electricals Ltd (SSEL), has filed a revised disclosure under SEBI SAST Regulations regarding an encumbrance undertaking on 27,61,200 equity shares of Indo-Tech Transformers Ltd, representing 26% of the company's total share capital. This undertaking is linked to SSEL's issuance of secured non-convertible debentures (NCDs) aggregating up to Rs 600 crore, with an Optionally Convertible Debenture (OCD) facility also contemplated. Catalyst has clarified that the pledge has NOT yet been created, and the shares are currently pledged with existing lenders of SSEL. The new pledge will be created in tranches only after those existing lenders are repaid and their pledges are released. Catalyst currently holds NIL shares in ITTL before and after this undertaking, and is not part of the promoter/promoter group.
No immediate impact on shareholding or voting rights since the pledge is only a future undertaking and has not been created yet. However, investors should note that a significant 26% of ITTL's equity is being earmarked as security for SSEL's debt obligations, meaning SSEL's lenders will have a substantial economic claim on ITTL shares once existing encumbrances are cleared.