Indo Tech Transformers shares pledged to secure debenture issuances

Catalyst Trusteeship Limited, acting as a common security trustee, disclosed a pledge on 2,761,200 equity shares of Indo Tech Transformers Limited (ITTL), representing 26% of the total issued share capital. This pledge, established on November 21, 2025, secures both non-convertible debentures (INR 600,00,00,000) and optionally convertible debentures (INR 150,00,00,000) issued by Shirdi Sai Electricals Limited.

The pledge supersedes an earlier encumbrance undertaking for the same shares, which required a pledge upon the repayment of existing lenders from the new debenture proceeds. This transaction fulfills obligations under debenture trust deeds and investors' rights agreements, with Shirdi Sai Electricals Limited also undertaking to maintain control over ITTL.

The total promoter shareholding in ITTL is 7,965,000 shares, or 75% of the total share capital. Prior to this, 3,391,036 shares (31.93%) were already encumbered. Following the creation of this pledge, 6,152,236 shares, or 57.93% of the total share capital, are now encumbered. The collateral provided is valued at INR 52.12 crores for a loan amount of INR 50 crores, with funds used for working capital purposes for the company and its group.