The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Catalyst Trusteeship Ltd
MCCHRLS-B · price
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Catalyst Trusteeship Ltd, acting as debenture trustee, has disclosed the creation of an encumbrance on 66,81,537 equity shares of Mac Charles (India) Ltd, representing 51% of the company's paid-up share capital. These shares are held by the promoter Mr. Jitendra Virwani and Embassy Property Developments Pvt Ltd. The pledge is connected to 54,000 secured, listed, non-convertible debentures of face value Rs 1,00,000 each (totalling up to Rs 540 crore) issued by group company Mac Charles Hub Projects Pvt Ltd. A key condition of the debenture trust deed states that if the promoter group's stake falls below 51% or they cease to control the company, the debt must be repaid. The encumbrance date is December 8, 2025, and the disclosure notes it is a revised filing to correct the pledgor's name.
Over half of the company's shares are now pledged as collateral for group-level debt, raising the risk profile for shareholders. If the promoter stake drops below 51%, the debentures become immediately repayable, which could pressure the group's finances and indirectly affect the listed company.