Ajanta Pharma pledges 66.32 lakh shares (5.31% of equity) to CTL Trusteeship as security for debentures

What Ajanta Pharma announced

Ajanta Pharma Ltd filed a disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on 2 July 2026. The filing states that 66,32,651 equity shares (5.31% of the company’s total share capital) have been pledged to CTL Trusteeship Limited in its capacity as Common Security Trustee. The pledge secures the issuance of two separate series of secured, unlisted, redeemable, non‑convertible debentures:

• Lenexis Foodworks Private Limited (LFPL) Debentures – face value of Rs 10 lakh each, aggregating up to Rs 3,373 crore.
• Inspira Realty 2 Private Limited (IR2PL) Debentures – face value of Rs 10 lakh each, aggregating up to Rs 500 crore.

No voting rights have been transferred; the transaction is limited to an encumbrance over existing shares.

Details of the pledged shares

The filing provides a breakdown of the share encumbrance before and after the pledge:

• Pledged shares: 66,32,651 (5.31% of total share capital).
• Total encumbered shares (including pledged): 1,69,12,924 (13.53% of diluted share capital).
• Mode of acquisition: By way of share pledge and encumbrance created over Ajanta Pharma’s equity shares in favour of CTL Trusteeship Ltd.
• Acquirer’s status: CTL Trusteeship Ltd is not part of Ajanta Pharma’s promoter group.

The filing does not list any acquisition of voting shares, warrants, or convertible securities.

The debentures secured by the pledge

Two distinct debenture issues are mentioned:

Both debentures are secured, unlisted, redeemable and non‑convertible. The pledge of Ajanta Pharma shares serves as collateral for the debenture holders, with CTL Trusteeship acting as the common security trustee.

Key facts at a glance

Why this matters for investors

The pledge does not dilute existing shareholders because no new shares are issued and no voting rights change hands. However, the encumbrance reduces the free‑float of Ajanta Pharma’s equity, as 13.53% of the diluted share capital is now subject to security interests. Should the debenture issuers default, the security trustee may enforce the pledge, potentially leading to a transfer of the pledged shares to debenture holders. Investors should monitor any subsequent actions by the trustee or the debenture issuers, as they could affect the composition of Ajanta Pharma’s shareholder base.

The disclosure also signals that Ajanta Pharma is supporting substantial debt financing for its counterparties, which may reflect strategic partnerships or financing arrangements. The size of the debentures (totaling Rs 3,873 crore) is material relative to the company’s market capitalisation, underscoring the importance of the pledged shares as collateral.

Conclusion

Ajanta Pharma has formally pledged 66.32 lakh shares (5.31% of its equity) to CTL Trusteeship Ltd as security for two large debenture issuances amounting to Rs 3,873 crore. The pledge creates a total encumbrance of 13.53% of the company’s diluted share capital but does not alter voting control. The filing satisfies SEBI’s disclosure requirements; any further developments will depend on the performance of the underlying debentures and actions taken by the common security trustee.

"The pledged shares are held as security for the benefit of the debenture trustees and the respective debenture holders," the filing states.