Shirdi Sai Electricals to pledge Indo Tech Transformers shares for new debentures

Shirdi Sai Electricals Limited, promoter of Indo Tech Transformers Limited, submitted a revised disclosure on November 13, 2025, detailing a planned encumbrance of 2,761,200 equity shares of Indo Tech, representing 26% of the total share capital. This action follows observations from the Bombay Stock Exchange on an earlier filing.

The encumbrance is a "covenant to create a pledge" in the future, securing 6 bn rupees in Non-Convertible Debentures and 1.5 bn rupees in Optionally Convertible Debentures. Catalyst Trusteeship Limited will act as the debenture trustee, and the original holders of NCDs and OCDs (Neo Special Credit Opportunities Fund, Neo Credit Opportunities Fund I, and Neo Special Credit Opportunities Fund II) are among the beneficiaries.

This pledge will be created after existing lenders are repaid and their current pledges released. The shares currently encumbered by Shirdi Sai Electricals Limited total 6,066,036, representing 57.12% of the total share capital. The new pledge of 2,761,200 shares will increase the encumbered percentage to 57.12% post-event. Funds from prior pledges were primarily used as collateral for loans taken by group companies.