The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on December 01, 2025 for Amit Dahanukar & Others
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The promoter group of Tilaknagar Industries, led by Amit Dahanukar, has created encumbrance on approximately 6.32 crore shares, representing 81.59% of promoter shareholding and about 30.3% of total share capital, through Non-Disposal Undertakings (NDUs) executed on November 20, 2025 in favour of Catalyst Trusteeship Limited. Catalyst is acting as the common security trustee for a consortium of lenders including ICICI Bank, JPMorgan Chase Bank, Kotak Mahindra Bank, Avendus Finance, Poonawalla Fincorp, and Piramal Finance. Additionally, Shivani Amit Dahanukar pledged 15.7 lakh shares (0.75% of capital) as collateral for a specific loan from Avendus Finance. Total promoter holding stands at 37.20% of share capital. The company clarifies that apart from this one pledge, the rest of the encumbrance is via NDU with no actual share pledge or lien, and promoters retain voting rights. The borrowed funds are intended to finance Tilaknagar's acquisition of the Imperial Blue brands from Pernod Ricard India.
This is a routine financing-linked encumbrance disclosure tied to the Imperial Blue acquisition, so it is not a negative signal in itself. However, promoters have committed to maintaining at least 26% shareholding and have restricted their ability to deal in the shares, meaning any breach of NDU terms could trigger loan default. Investors should track the Imperial Blue deal closure and any future changes in promoter shareholding.