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 November ....
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On the reaction day the stock moved 2.6 pts less than Nifty Microcap 250 and 1.9 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.
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Promoters R N Agarwal, Reena Agarwal, and Raunak Agarwal have created a Non-Disposal Undertaking over their 1,25,16,998 shares in N R Agarwal Industries, equal to 73.55% of the company's total share capital and 100% of their promoter holding. The encumbrance is in favour of Axis Bank Limited, a scheduled commercial bank, created on 19 November 2025. The value of the encumbered shares is about Rs. 618.84 crore against a loan amount of Rs. 112 crore, giving a comfortable security cover ratio of 5.52 times. The borrowed amount is being raised against a term loan for the benefit of the listed company, not for personal use.
This is a routine corporate finance disclosure confirming that promoters have pledged the bulk of their stake as collateral for a company-level term loan. The high cover ratio (5.52x) and the fact that the loan benefits the company rather than personal use suggest limited immediate risk to shareholders, though it does mean promoter shares are locked and cannot be easily sold.