The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Mahendra K Daga
NRAIL · price
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SBICAP Trustee Company, acting as Security Trustee, has disclosed a Non-Disposal Undertaking (NDU) on 1,25,16,998 equity shares of N R Agarwal Industries, representing 73.55% of the company's total share capital. Before this NDU, the encumbrance on promoter shares was nil. The NDU was executed on 18th December 2025 between the company (as borrower), promoters Rajendra Agarwal, Reena Agarwal, and Raunak Agarwal, and SBICAP Trustee Company as Security Trustee. The encumbrance was created on 16th February 2026. This typically indicates the promoters have raised debt or issued debentures and pledged their entire stake as security. The equity share capital remains unchanged at 1,70,19,100 shares of Rs. 10 each.
The promoter family's entire 73.55% stake is now locked under a non-disposal undertaking, meaning they cannot sell these shares without lender consent. This signals that promoters have likely raised debt against their shareholding, which could pose a risk to share price stability if any default or enforcement event occurs in the future.