Deutsche Bank AG, acting as agent and security agent, disclosed an indirect encumbrance over 87,632,093 equity shares of Dhoot Transmission Limited. This stake represents 42.41% of the company’s total diluted voting capital. The shares are held by BC Asia Investments XV Limited (the Borrower) and its nominee, BC Asia Investments XVI Limited (the Guarantor).

The encumbrance was created to secure a syndicated loan facility. The Borrower has availed funds from a consortium of lenders including BNP Paribas, DBS Bank Ltd, Nomura Singapore Limited, Sumitomo Mitsui Banking Corporation, HSBC, and others. The facility agreement was dated March 17, 2025, and subsequently amended on March 10, 2026.

Regulatory Disclosure

The disclosure was made under Regulation 29(1) read with Regulation 29(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Deutsche Bank submitted the filing to the National Stock Exchange of India Limited and BSE Limited on August 19, 2026.

Structure of Security

BC Asia Investments XXIII Limited, the parent company holding 100% of the Borrower and Guarantor, created a limited recourse Mauritian security. This charge covers all shares held by the Borrower and Guarantor in favor of the Security Agent for the benefit of the Lenders. The arrangement involves both fixed and floating charges, supplemented by an amendment dated March 10, 2026.

Dhoot Transmission Limited listed its shares on Indian stock exchanges on August 17, 2026. The indirect encumbrance predates this listing, having been established in March 2025. The total equity share capital of the target company stands at INR 409,096,114, comprising 204,548,057 equity shares of INR 2 each.

Dhoot Transmission’s initial public offering is witnessing steady investor participation as it enters its second day of subscription. By the end of Day 2, the issue has been subscribed 3.86 times cumulatively. The Non-Institutional Buyer (NII) category has emerged as the primary driver of demand, with both business HNI (bHNI) and small HNI (sHNI) investors subscribing significantly above their quotas.

Subscription Status

The IPO saw varied levels of interest across different investor categories on Day 2. While Qualified Institutional Buyers (QIBs) showed modest interest at 0.49x, retail investors contributed with a 2.94x subscription. The standout performance came from the NII segment, where bHNI investors subscribed 10.06x and sHNI investors subscribed 10.93x. Employee category also saw a healthy 3.44x subscription.

About the Company

Dhoot Transmission is a prominent player in the automotive transmission sector. The company designs, manufactures, and markets manual transmissions for passenger cars, utility vehicles, and light commercial vehicles. With a strong presence in the Indian market, Dhoot Transmission supplies to major OEMs and has a well-established distribution network for aftermarket sales. The company leverages its engineering capabilities and long-standing relationships with customers to maintain its competitive edge.

Key Dates

Investors looking to participate in the remaining days of the IPO should note the following timeline:

• IPO Close Date: The issue will close on the scheduled final day of subscription.
• Allotment Date: Allotments will be processed shortly after the closure of the book.
• Listing Date: Shares are expected to list on BSE and NSE following allotment.

The price band for the issue is set between ₹829 and ₹871 per share. The minimum bid quantity is 17 shares, making the minimum investment requirement ₹14,093. The maximum IPO size stands at ₹500,000 crore, reflecting the scale of the offering.