The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on February ....

Pledge Above 50pctOwnership Changes View source PDF Explain this filing

AFCONS · price

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Price reactionminutes from the announcement price · days from the prior close

-0.6%Reaction day

₹325.80

prior close

₹324.05

announcement price

In-mkt

timing

Nifty Smallcap 250market · index membership as recorded later (tracked since Jun 2026)+0.7%-1.3% vs market

Civil Construction peers, median of 94sector+0.3%-0.9% vs sector

On the reaction day the stock moved 1.3 pts less than Nifty Smallcap 250 and 0.9 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

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Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-0.6+0.7-1.3+0.3-0.9

Next day

-0.7+1.2-1.9-0.2-0.5

-1.8+0.0-1.9-1.4-0.4

-1.7-0.1-1.6-1.5-0.2

-4.0+0.3-4.3-1.8-2.2

-4.8-0.3-4.5-2.6-2.3

-8.6+0.4-9.0-2.6-6.0

15d

-14.0-4.1-9.9-8.9-5.2

-13.7-6.8-6.9-12.0-1.7

+2.4+2.9-0.5+1.4+1.0

-1.8+3.1-4.8-3.6+1.8

UpDownMarket · Nifty Smallcap 250Sector · Civil Construction peers, median of 94Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Promoter Shapoorji Pallonji and Company Pvt Ltd (SPCPL) has disclosed that 100% of its shareholding in Afcons Infrastructure (5,66,81,410 shares, 15.41% of total capital) is currently encumbered through pledges. A new pledge was created on 16 February 2026 over 1,22,34,940 shares (3.33% of total capital) in favour of Catalyst Trusteeship Ltd (Debenture Trustee) against a Rs 170 crore facility for the company's working capital needs. An earlier pledge over 4,44,46,470 shares (12.08% of capital) was created on 25 June 2025 in favour of SBICAP Trustee Company for a Rs 1,360 crore working capital facility from an SBI-led lender consortium. Aggregate pledged shares are valued at roughly Rs 2,345 crore at current market price.

Likely market impact

With the promoter's entire 15.41% stake pledged, retail investors should be cautious of margin call or loan default risk, which could trigger forced share sales and pressure the stock. On the positive side, the borrowed funds are being used for the company's own working capital rather than promoter personal use, and the pledge cover ratios (6.98x and 2.35x) currently provide reasonable cushion.