N R Agarwal Industries Limited has informed the Exchange that pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations, the shares of the Promoters of the Company were pledged in favour of SBICAP Trustee Company Ltd as collateral for term loan sanctioned by State Bank of India and Punjab National Bank.State Bank of India vide its letter dated May 17, 2025 has agreed to convert the aforesaid pledge to a non-disposal undertaking. A similar modification from Punjab National Bank is awaited in due course.We shall complete the necessary formalities and make the required disclosures for release of pledge on receipt of letter from Punjab National Bank as well.
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Awaiting price reaction for this filing.
The company has informed the stock exchanges that promoter shares were earlier pledged with SBICAP Trustee Company Ltd as collateral for term loans taken from State Bank of India and Punjab National Bank. State Bank of India, through a letter dated May 17, 2025, has agreed to convert its share of the pledge into a non-disposal undertaking (NDU), meaning SBI will not seek to sell these pledged shares even in case of default. A similar change from Punjab National Bank is still awaited, and the formal release of the pledge will be completed once PNB also confirms the modification. No details on the number or value of pledged shares have been disclosed.
This is a mild positive for shareholders — the move from a pledge to an NDU reduces the risk of a forced share sale by SBI, easing promoter-level stress. However, the pledge is not fully released yet and remains pending PNB's confirmation.