The Exchange has received updates on Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on December 04, 2025 for Shirdi ....
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Promoter Shirdi Sai Electricals Limited (holding 75% of Indo Tech Transformers Ltd, or 79,65,000 shares) has extended an existing pledge of 27,61,200 ITTL shares in favour of Catalyst Trusteeship Limited to secure an additional ₹75 crore tranche of Non-Convertible Debentures, bringing total NCD issuance to up to ₹675 crore (alongside ₹150 crore of Optionally Convertible Debentures). After this event, the promoter's encumbered shares stand at 61,52,236, which is 57.93% of ITTL's total share capital and 77.24% of the promoter's own shareholding. The original pledge was created on November 21, 2025, and the supplemental pledge agreement was signed on December 2, 2025. Existing prior pledges include 31,86,000 shares (30%) pledged with SBI Cap Trustee since December 2020 and 2,05,036 shares (1.93%) pledged with Kakinada Seaports since January 2025.
With over 77% of the promoter's stake now encumbered and nearly 58% of total share capital pledged, any stress or default on the ₹825 crore of debentures could risk a change in control of ITTL, which is a significant governance and stability concern for minority shareholders.