Catalyst Trusteeship clarifies Indo-Tech pledge status for NCDs

Catalyst Trusteeship Limited (Catalyst) clarified the status of a proposed pledge on 26% of Indo-Tech Transformers Limited (ITTL) equity shares. As the debenture trustee, Catalyst executed a Debenture Trust Deed (DTD) with Shirdi Sai Electricals Limited (SSEL) on October 30, 2025, for the issuance of Non-Convertible Debentures (NCDs) and Optionally Convertible Debentures (OCDs).

The DTD mandates the creation of a pledge on 27,61,200 equity shares of ITTL, representing 26% of its total issued share capital, in favor of Catalyst. However, Catalyst confirmed that this pledge has not yet been created as of the filing date. The shares are currently encumbered by existing SSEL lenders, and the new pledge will only be established in tranches after these prior encumbrances are released following lender repayment.

The total equity share capital of ITTL before and after the acquisition is 1,06,20,000 equity shares of INR 10/- each, based on the September 30, 2025 shareholding pattern. The undertaking to create the pledge was given on October 30, 2025, in connection with unlisted redeemable and non-convertible debentures aggregating up to INR 600,00,00,000.