The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Vistra ITCL (India) Ltd
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Vistra ITCL (India) Ltd, acting as Debenture Trustee, has filed a disclosure showing encumbrance over 63.36 crore shares of Steel Exchange India, which represents 50.80% of the company's total share/voting capital. Out of this, 31.83 crore shares (about 25.5%) have been directly pledged with Vistra, while the remaining ~31.53 crore shares are under a non-disposal undertaking from the Promoter and Promoter Group. This encumbrance was created pursuant to an Amended and Restated Debenture Trust Deed dated October 20, 2025, restricting the promoters from diluting their stake without Vistra's approval. The acquirer (Vistra) does not belong to the promoter group and is filing purely in its capacity as a debenture trustee. Steel Exchange India's total equity share capital is 124.72 crore shares with a face value of Rs. 1.
More than half of the company's shares are now under encumbrance (pledge + non-disposal undertaking), indicating significant financial obligations by the promoters that could weigh on the stock. Any future pledge invocation or promoter stake-sale restrictions could create overhang or liquidity concerns for shareholders.