The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Catalyst Trusteeship Ltd
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Catalyst Trusteeship Ltd, acting as common security trustee for working capital lenders ICICI Bank and Kotak Mahindra Bank, has disclosed creation of an encumbrance over 98,05,900 equity shares (about 3.99% of paid-up capital) of Tilaknagar Industries Ltd. The encumbrance was created on 22 December 2025 via a non-disposal undertaking executed by promoter Mr. Amit Dahanukar. Total promoter-group encumbrance now stands at 7,30,06,275 equity shares, roughly 26% on a fully diluted basis. Under the undertaking, the promoter and persons acting in concert have agreed to maintain at least 26% shareholding, refrain from creating further encumbrances (except for acquisition financing), continue as director, and not transfer or restructure ownership without lender consent.
No change in actual promoter ownership — this is a non-disposal undertaking pledged as collateral for working capital borrowing. Shareholders should note that breach of this undertaking would trigger a loan default, which could indirectly create risk for the stock. The undertaking effectively locks in the promoter group's ~26% stake.