Catalyst Trusteeship Limited has pledged an additional 10,27,579 equity shares of Pakka Limited , increasing the total encumbered stake held by debenture holders. The disclosure, filed with the stock exchanges on July 30, 2026, indicates that the cumulative pledged holding now stands at 1,37,09,257 shares. This represents 28.76% of the company’s total voting capital and 24.70% of its diluted share/voting capital.

The pledge was executed in favor of Catalyst Trusteeship Limited, acting as the Debenture Trustee for the benefit of Debenture Holders. The transaction was reported pursuant to Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing confirms that Catalyst Trusteeship Limited is not part of the promoter or promoter group of Pakka Limited.

The additional encumbrance was created across multiple dates in June and July 2026. The specific dates recorded for the pledge transactions are June 10, 2026, June 16, 2026, July 24, 2026, and July 28, 2026. Prior to this acquisition, the number of shares encumbered with the acquirer stood at 1,26,81,678, which accounted for 26.60% of the total share/voting capital and 22.85% of the diluted share/voting capital.

The equity share capital of Pakka Limited remains unchanged at ₹47,66,81,000, comprising 4,76,68,100 shares with a face value of ₹10 each. The total diluted share/voting capital is calculated at ₹55,50,91,000, based on 5,55,09,100 shares assuming full conversion of outstanding convertible securities or warrants.

What the Numbers Show

The increase in the pledged stake from 26.60% to 28.76% of the voting capital highlights a continued reliance on debt financing secured against equity holdings. With nearly 29% of the voting capital now encumbered in favor of debenture holders, any further deterioration in the company’s financial health could lead to a significant shift in control or liquidity pressure, given that the trustee holds these shares for the benefit of external lenders rather than promoters.

Pakka Limited allotted the second tranche of unlisted, secured, redeemable Non-Convertible Debentures (NCDs) aggregating ₹50 crore on June 25, 2026. The Fund Raising Committee of the Board approved the private placement to eligible investors, marking a step in the company's broader fundraising plan totaling ₹540 crore.

The debentures are divided into two series. The Junior Series includes 3000 NCDs with a face value of ₹1,00,000 each, aggregating ₹30 crore. The Senior Series comprises 2000 NCDs of the same face value, aggregating ₹20 crore. Neo Special Credit Opportunities Fund II, a SEBI-registered Category II Alternative Investment Fund, subscribed to the entire issue.

Coupon Rates and Maturity

The Junior Series offers a coupon rate of 19.40% per annum and matures on May 31, 2035. The Senior Series carries a lower coupon rate of 11.50% per annum with a maturity date of June 30, 2033. Both series are secured and unrated, issued on a private placement basis pursuant to the Companies Act, 2013 and relevant SEBI regulations.

Security Structure

The debenture obligations are secured by a security interest over various assets in favor of a Security Trustee. This includes a mortgage and charge on all immovable and movable assets of the New Project and the Project, both present and future. Additionally, the issuer has created a charge over all current assets, including receivables and investments, and a pledge over pledged securities of the issuer and Yash Agro Products Limited.

Issue Details

The allotment is part of a larger issue approved by the Board on May 26, 2026. The total issue size is capped at ₹540 crore, with the current tranche representing ₹50 crore of that amount. The NCDs are not listed on any stock exchange.