The Exchange has received the updates on Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 ....
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On November 20, 2025, promoter Amit Dahanukar and the entire promoter group created encumbrance on shares of Tilaknagar Industries, reported to the exchanges on December 1, 2025. Total encumbrance stands at 81.59% of promoter shareholding (which itself is 37.20% of total share capital, or 7.74 crore shares). The encumbrance is mainly through Non-Disposal Undertakings (NDUs) in favor of Catalyst Trusteeship Limited, acting as common security trustee for a consortium of lenders: ICICI Bank, JPMorgan Chase Bank, Kotak Mahindra Bank, Avendus Finance, Poonawalla Fincorp, and Piramal Finance. Additionally, Shivani Amit Dahanukar pledged 15,70,000 shares (0.75% of total share capital) to Avendus Finance as security for a loan. Promoters have committed to maintain at least 26% shareholding on a fully diluted basis and refrain from creating further encumbrances or transferring shares without lender consent. The end use of funds is the acquisition of Imperial Blue Brands from Pernod Ricard India Pvt Ltd.
While the encumbrance is largely in NDU form (not actual seizure risk), it significantly restricts promoter flexibility and creates mandatory prepayment/default triggers if breached. The financing supports Tilaknagar's strategic Imperial Blue acquisition, which is a material growth move; investors should track acquisition progress, lender covenants, and any future pledge releases as key milestones.