Shirdi Sai Electricals Limited, the promoter of Indo Tech Transformers , has submitted a revised disclosure to stock exchanges regarding its covenant to pledge shares in connection with debenture issuances worth INR 750.00 crore. The revision addresses certain observations made by the Bombay Stock Exchange on the company's earlier submission dated November 11, 2025.

Key Details of the Revised Disclosure

• Shares to be Pledged: 27,61,200 equity shares of Indo-Tech Transformers Limited, representing 26.00% of the total share capital.
• Debenture Issuance:
  • Non-Convertible Debentures (NCDs) worth INR 600.00 crore
  • Optionally Convertible Debentures (OCDs) worth INR 150.00 crore

Amendments in the Revised Disclosure

1. Lender Entities: The names of the lender entities have been included, in addition to the names of the Trustee, in whose favor the covenant to create a pledge has been executed.
2. Signature: The covering letter, which was unsigned in the earlier submission, has now been duly signed.

Debenture Trust Details

• NCD Debenture Trust Deed: Involves Shirdi Sai Electricals Limited, Catalyst Trusteeship Limited, and Mr. N. Visweswara Reddy.
• OCD Debenture Trust Deed: Includes Shirdi Sai Electricals Limited, Catalyst Trusteeship Limited, Mr. N Visweswara Reddy, Neo Special Credit Opportunities Fund, Neo Credit Opportunities Fund I, and Neo Special Credit Opportunities Fund II.

Pledge Creation Timeline

The pledge is to be created within the timelines set out in the respective trust deeds, following the release of existing encumbrances once current lenders are repaid from the proceeds of the Non-Convertible Debentures.

Regulatory Compliance

This disclosure is made in accordance with Regulation 31 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and SEBI's Master circular dated February 16, 2023 (Reference: SEBI/HO/CFD/PoD-1/P/CIR/2023/31).

The revised disclosure by Shirdi Sai Electricals Limited demonstrates the company's commitment to regulatory compliance and transparency in its financial dealings. This move is likely to provide clarity to investors and regulatory bodies regarding the share pledge arrangement in connection with the significant debenture issuances.

Indo Tech Transformers Limited, a key player in the Indian transformer manufacturing sector, has announced significant expansion plans and released its financial results for the quarter ended September 30, 2025. The company's board has approved an additional capital expenditure of ₹25 crore to enhance its plant capacity, complementing its earlier expansion plans.

Capacity Expansion Plans

The company's board has given the green light to a ₹25 crore capital expenditure proposal aimed at increasing the plant capacity to 20,000 MVA. This investment is set to be implemented over the financial years 2024-2027. The new approval comes on top of an earlier sanctioned ₹75 crore capex for expanding capacity to 16,000 MVA.

According to the company's disclosure, the capacity expansion details are as follows:

This strategic move indicates Indo-Tech Transformers' commitment to growth and its anticipation of increased market demand in the coming years.

Q2 Financial Performance

For the quarter ended September 30, 2025, Indo-Tech Transformers reported the following key financial metrics:

Half-Yearly Results

The company also released its results for the half-year ended September 30, 2025:

Conclusion

The substantial capex approval and maintained high capacity utilization rates suggest that the company's leadership is optimistic about future growth prospects in the transformer market. The expansion plan, set to nearly double the company's production capacity over the next few years, indicates a strategic long-term vision to capitalize on potential market opportunities and strengthen Indo-Tech Transformers' position in the industry.