The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on December ....
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The promoter group of Tilaknagar Industries, led by Amit Dahanukar, has disclosed encumbrance on approximately 81.59% of their total promoter shareholding, covering 7.74 crore shares that represent 37.20% of the company's total share capital. The encumbrance is mainly in the form of Non-Disposal Undertakings (NDUs) given to Catalyst Trusteeship Limited, which acts as the common security trustee for a lender consortium including ICICI Bank, JPMorgan Chase Bank, Kotak Mahindra Bank, Avendus Finance, Poonawalla Fincorp, and Piramal Finance. Additionally, 15.7 lakh shares held by Shivani Amit Dahanukar have been pledged as collateral for a loan from Avendus Finance Private Limited. The borrowed funds are intended to finance the company's acquisition of Imperial Blue Brands from Pernod Ricard India Pvt Ltd. Key conditions include promoters maintaining at least 26% shareholding on a fully diluted basis and Amit Dahanukar continuing on the board, with any breach triggering mandatory prepayment and default.
The large encumbrance (~81.59% of promoter holdings) signals significant leverage taken to fund the Imperial Blue acquisition. While structured as NDUs rather than hard pledges, this restricts promoter flexibility. Shareholders should watch acquisition progress closely, as underperformance could increase financial pressure on the promoter group.