Tilaknagar Industries Limited — Pledging, 18-12-2025: Pledge/Unpledge

Tilaknagar Industries' promoter group, led by Amit Dahanukar, has significantly encumbered their shares. On November 20, the promoter group created Non-Disposal Undertakings (NDUs) on approximately 5.41 crore shares. These NDUs mean the shares cannot be sold or transferred without lender consent and are in favor of Catalyst Trusteeship Limited, acting for a consortium of lenders (including ICICI Bank, JPMorgan, Kotak Mahindra Bank, Avendus Finance, Poonawalla Fincorp, and Piramal Finance).

Separately, Shivani Amit Dahanukar pledged an additional 15.70 lakh shares to Avendus Finance Private Limited for a loan.

The primary purpose of these encumbrances is to secure financing for the acquisition of Imperial Blue Brands from Pernord Ricard India. Post these transactions, a substantial 81.59% of the promoter group's total shareholding, or over 20% of the company's total share capital, is now encumbered. The promoter group has committed to maintaining at least 26% shareholding, and Amit Dahanukar will retain control of the company. Investors should note the high percentage of encumbered shares within the promoter holding.