Catalyst Trusteeship Limited created a pledge on 4,43,65,440 equity shares of Embassy Developments , representing 3.19% of the company’s paid-up share capital. The disclosure was filed on September 10, 2026.

The trustee acted on behalf of debenture holders in creating the encumbrance between September 8 and September 9, 2026. This action increased the total pledged stake to 22,44,71,130 shares.

Shareholding Impact

Prior to this transaction, the total encumbered shares stood at 18,01,05,690, or 12.95% of the paid-up capital. The new pledge added 3.19% to this figure.

The total paid-up share capital remains unchanged at ₹278 crore, comprising 139,06,33,433 equity shares as per the shareholding pattern on June 30, 2026.

What the Numbers Show

The increase in pledged shares from 12.95% to 16.14% of paid-up capital indicates a significant rise in collateral provided by promoters or related parties to secure debt obligations. With no change in voting rights held directly by the trustee, the move reflects purely security creation rather than a change in control or voting power.

Embassy Developments Limited saw 5,35,40,000 equity shares pledged in its favour by Catalyst Trusteeship Limited, acting as Debenture Trustee on behalf of debenture holders, effective September 8, 2026.

The disclosure was filed on September 10, 2026, pursuant to Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The pledge was created by way of encumbrance on equity shares of ₹2/- each in Embassy Developments Limited in favour of Catalyst Trusteeship Limited. Catalyst Trusteeship does not belong to the promoter or promoter group of the target company.

Pledge details and shareholding movement

The table below captures the movement in encumbered shares held by Catalyst Trusteeship before and after the pledge creation.

No shares carrying voting rights were acquired or sold as part of this transaction. The encumbrance pertains solely to the creation of a pledge on equity shares of Embassy Developments Limited.

Capital structure of Embassy Developments

The equity share capital of Embassy Developments Limited remained unchanged before and after the pledge transaction, as detailed below.

Percentages with respect to total share capital have been computed on the paid-up share capital of ₹278,12,66,866 comprising 1,39,06,33,433 equity shares as on the date of pledge creation. Percentages with respect to total diluted capital have been computed on the fully diluted paid-up share capital of ₹282,02,74,150, which includes 1,95,03,642 equity shares arising from conversion of 100% of outstanding stock options and Performance Stock Units.

Regulatory and transactional context

The shares of Embassy Developments Limited are listed on BSE Limited and the National Stock Exchange of India Limited. Under the terms of the transaction documents, the company has undertaken certain covenants that are in the nature of encumbrance as defined under the Takeover Regulations. The disclosure was signed by Deesha Srikanth, Senior Vice President at Catalyst Trusteeship Limited, from Mumbai on September 10, 2026.