N R Agarwal Industries Limited has informed the Exchange that in continuation to our earlier intimation dated May 17, 2025 and pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations, we wish to inform you that the Company has, on September 26, 2025, accepted the sanction letter of Punjab National Bank, whereby the Bank has agreed to convert the pledge on the shares of the Promoters of the Company, earlier created as collateral for the term loan sanctioned by them, into a Non-Disposal Undertaking (NDU) .Accordingly, upon completion of necessary formalities, the said pledge shall stand released and substituted with the Non-Disposal Undertaking.
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N R Agarwal Industries has accepted a sanction letter from Punjab National Bank to convert the existing pledge on its promoters' shares into a Non-Disposal Undertaking (NDU). The pledge was originally created as collateral for a term loan taken from the bank. Once the necessary formalities are completed, the pledge will be formally released and replaced with an NDU. The company had earlier intimated about this matter on May 17, 2025. This is a procedural change in the nature of the security, not a new borrowing or change in promoter ownership.
For shareholders, this is a neutral-to-slightly-positive development as the release of the pledge removes a potential overhang on promoter shares. However, under the NDU, promoters still cannot dispose of the shares, so the overhang risk is not fully eliminated.