The Exchange has received the updates on Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 ....
INDOTECH · price
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Promoter Shirdi Sai Electricals Limited (SSEL), which holds 75% (79,65,000 shares) of Indo Tech Transformers, has extended its existing pledge over 27,61,200 shares (26% of total capital) to also secure additional non-convertible debentures worth INR 75 crore. This takes the total NCD issuance to INR 675 crore, alongside INR 150 crore of optionally convertible debentures, raised primarily to repay existing lenders. After this event, SSEL's encumbered shares rise to 61,52,236, which is 57.93% of ITTL's total share capital and 77.24% of the promoter's own holding. The pledge is held by Catalyst Trusteeship Limited as common security trustee for the benefit of Neo group funds.
With 77% of the promoter's own shares now pledged and encumbrance crossing 57% of total equity, the stock carries meaningful refinancing and covenant risk. If the promoter fails to service the debentures, these shares could be invoked, potentially impacting control of the company.