The Exchange has received the revised Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 ....
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NR Agarwal Industries has filed a revised disclosure clarifying encumbrances on promoter shares. Promoters R N Agarwal, Reena Agarwal, and Raunak Agarwal hold 1,25,17,966 shares (73.55% of total share capital), and all of these shares (73.55% of promoter holding) are currently encumbered. Two encumbrances exist on the same shares: an original pledge created on March 7, 2022, in favour of SBICAP Trustee Company Limited (security trustee for lenders) for ₹426.8 crore, and a new Non-Disposal Undertaking created on November 19, 2025, in favour of Axis Bank Limited against a term loan of ₹112 crore for the benefit of the company. The revised filing was made to address a discrepancy pointed out by BSE. The security cover for the Axis Bank NDU is strong at 5.52x, with shares valued at ₹618.8 crore against ₹112 crore of debt.
With nearly the entire promoter stake (73.55%) encumbered, there is heightened risk for minority shareholders if lenders invoke the pledge. However, the Axis Bank NDU is for the company's own term loan and is well-covered by share value, reducing immediate default risk. The original SBICAP pledge (₹426.8 crore) remains the larger concern and should be monitored.