Catalyst Trusteeship discloses encumbrance on Tilaknagar Industries shares

Catalyst Trusteeship Limited, acting as the common security trustee, disclosed an encumbrance on 54,130,375 equity shares of Tilaknagar Industries Limited. This undertaking, executed by Mr. Amit Dahanukar, the promoter, on November 20, 2025, represents approximately 26% of the paid-up equity share capital carrying voting rights of the target company. The encumbrance is also equivalent to 26% of the fully diluted share capital.

The disclosure, made under Regulation 29(1) and 29(4) of the Takeover Regulations, is linked to financing arrangements with lenders including ICICI Bank Limited, JPMorgan Chase Bank, N.A., and Kotak Mahindra Bank Limited. Prior to this acquisition under consideration, the acquirer and persons acting in concert (PAC) held NIL shares and voting rights.

Under the terms, Mr. Amit Dahanukar and related entities must maintain at least a 26% shareholding on a fully diluted basis, refrain from creating further encumbrances except for acquisition-related financing, and retain control and directorship. Breaching these terms would trigger a mandatory prepayment of the relevant facility and constitute an event of default. Tilaknagar Industries' equity share capital before and after this disclosure remains INR 2,081,937,500, comprising 208,193,750 equity shares of INR 10 each.