Sadbhav Engineering shares face encumbrance after pledge invocation

Catalyst Trusteeship Limited has disclosed an encumbrance over 1,83,50,000 equity shares of Sadbhav Engineering , representing 10.70% of the company's total voting capital. The disclosure, submitted to BSE Limited and the National Stock Exchange of India Limited on July 21, 2026, confirms that the trustee continues to hold these shares as an agent for debenture holders following a debt restructuring exercise.

The shares in question were originally pledged in favour of the debenture trustee for non-convertible debentures issued by Sadbhav Infrastructure Project Limited. The pledge was invoked on September 10, 2025, with an initial disclosure made to the exchanges on September 11, 2025. Under the terms of the restructuring, Catalyst Trusteeship Limited will hold and deal in the invoked shares for the benefit of holders of the SHAPL Debentures issued by Sadbhav Hybrid Annuity Projects Limited.

Shareholding Details

The filing provides a detailed breakdown of the acquirer's holding before and after the encumbrance. The total equity share capital of Sadbhav Engineering Limited stands at 17,15,70,800 shares, while the total diluted share capital is 18,15,70,800 shares.

Description	Number of Shares	% of Total Share Capital	% of Total Diluted Share Capital
Before Acquisition
Shares carrying voting rights	1,83,50,000	10.70%	10.11%
Shares in nature of encumbrance	Nil	Nil	Nil
Total	1,83,50,000	10.70%	10.11%
After Acquisition
Shares carrying voting rights acquired	Nil	Nil	Nil
Shares encumbered with acquirer	1,83,50,000	10.70%	10.11%
Total	1,83,50,000	10.70%	10.11%

Regulatory Context

The disclosure was made pursuant to Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Catalyst Trusteeship Limited clarified that it does not belong to the promoter or promoter group of the target company. The intimation regarding the encumbrance was received on July 17, 2026. The ISIN for the invoked shares is INE226H01026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.74%	-5.71%	-9.28%	+16.30%	-41.94%	-88.96%

Sadbhav Engineering Limited disclosed the shareholding position of its promoters and promoter group as of March 31, 2026, complying with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing, submitted by Shashin V. Patel on behalf of all promoters and the promoter group, details the total equity shares held and the number of encumbered shares. The declaration confirms that no new encumbrances were created during the financial year ended March 31, 2026, other than those already disclosed.

The disclosure covers eight entities and individuals associated with the company. Shashin V. Patel, a member of the promoter group, holds the largest stake among the group members. The total shareholding data provides transparency regarding the ownership structure and any pledges against the shares held by the promoters.

Shareholding Details

The following table outlines the number of equity shares held and encumbered by each member of the promoter and promoter group as of March 31, 2026:

Sr. No.	Name of Promoter & Promoter Group/ Person Acting in Concert (PAC)	Category	No. of equity Shares as of March 31, 2026	No. of equity shares encumbered as of March 31, 2026
1	Shashin V. Patel	Promoter Group	2,20,98,162	15,10,283
2	Late Shantaben Vishnubhai Patel	Promoter	59,51,765	54,70,947
3	Vikramkumar R. Patel	Promoter Group	28,59,749	2,97,300
4	Vasistha C. Patel	Promoter Group	18,69,535	10,91,451
5	Rekhaben V. Patel	Promoter Group	0	0
6	Rajshree Pritam Patel	Promoter Group	0	0
7	Truptiben Nileshbhai Patel	Promoter Group	0	0
8	Sadbhav Finstock Private Limited	Promoter Group	1,10,08,770	2,50,000

Regulatory Compliance

The disclosure was submitted to the National Stock Exchange of India Limited and BSE Limited. The document confirms that the promoters have not made any encumbrance of shares directly or indirectly during the financial year ended March 31, 2026, other than those already disclosed. The filing was signed by Shashin V. Patel, a member of the promoter group duly authorized by the promoters and members of the promoter group.