Promoters create non-disposal undertaking on shares against term loan

Pledge Above 50pctOwnership Changes View source PDF Explain this filing

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

-0.2%Reaction day

₹442.40

prior close

₹447.00

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+0.3%-0.5% vs market

Paper & Paper Products peers, median of 35sector+0.5%-0.8% vs sector

On the reaction day the stock moved 0.5 pts less than Nifty Microcap 250 and 0.8 pts less than its Paper & Paper Products 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

+0.8

10m

+0.8

15m

+0.8

30m

+0.0

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-0.2+0.3-0.5+0.5-0.8

Next day

-3.1-1.1-2.0-0.1-3.0

+2.8-1.3+4.1-0.8+3.7

+2.2-1.1+3.3-0.7+2.8

-0.9-2.4+1.5-2.3+1.3

-1.4-2.2+0.8-1.9+0.5

+3.5-3.0+6.5-0.4+3.9

15d

-8.5-7.5-0.9-6.8-1.6

-1.7-7.4+5.8-8.3+6.6

+8.5+1.9+6.6-0.2+8.7

+5.1+3.6+1.5-1.6+6.6

UpDownMarket · Nifty Microcap 250Sector · Paper & Paper Products peers, median of 35Pending

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

AI summary

Promoters R N Agarwal and Reena Agarwal have created non-disposal undertakings on their entire shareholdings (46.88 percent and 26.67 percent of company capital respectively) against term loans, disclosed on Feb 17, 2026. Raunak Agarwal created a similar encumbrance on 32 shares. The encumbered share count remains unchanged from before, indicating a renewal of existing encumbrances rather than fresh pledging. SBICAP Trustee Company holds R N Agarwal encumbered shares; SBI and PNB are lenders for Raunak.

Likely market impact

No new shares pledged - encumbrance levels unchanged. Promoters still hold same stake but shares remain encumbered against loans, limiting flexibility.