The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on December 03, 2025 for Niral Enterprises Pvt Ltd

Pledge Above 50pctOwnership Changes View source PDF Explain this filing

SPMLINFRA · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

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

-1.8%Reaction day

₹192.00

prior close

₹188.77

announcement price

In-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used-0.5%-1.3% vs market

Civil Construction peers, median of 97sector-0.8%-1.0% vs sector

On the reaction day the stock moved 1.3 pts less than Nifty Microcap 250 and 1.0 pts less than its Civil Construction 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

-0.1

10m

+0.1

15m

+0.3

30m

+0.2

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-1.8-0.5-1.3-0.8-1.0

Next day

-0.7-1.0+0.3-1.6+0.9

-2.1-2.1+0.0-2.2+0.1

-5.5-4.4-1.0-4.2-1.2

-6.2-2.6-3.7-2.8-3.4

-10.8-3.2-7.6-3.4-7.4

-9.1-2.5-6.6-2.4-6.8

15d

-9.3-1.7-7.6-1.4-7.9

-3.5-0.3-3.2-3.3-0.2

-11.9-5.0-6.8-11.3-0.5

-6.3-11.6+5.4-20.7+14.5

UpDownMarket · Nifty Microcap 250Sector · Civil Construction peers, median of 97Pending

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

AI summary

Niral Enterprises Pvt Ltd, a promoter entity of SPML Infra Ltd, has created a fresh pledge over 4,32,692 shares (0.57% of total share capital) in favor of SBICAP Trustee Company Ltd acting on behalf of National Asset Reconstruction Company Ltd (NARCL, India's bad bank). After this pledge, Niral Enterprises has 20,76,606 of its 26,30,553 shares (roughly 79% of its stake) encumbered. The pledge is linked to a Master Restructuring Agreement (MRA) dated 17 May 2024 between Niral Enterprises and NARCL, indicating that the promoter is restructuring existing debt with the asset reconstruction company.

Likely market impact

Negative signal for shareholders — nearly 79% of Niral Enterprises' promoter holding is now pledged, with NARCL (a stressed-assets buyer) as the lender, suggesting the promoter group is under debt stress. Any invocation of the pledge could lead to a change in promoter shareholding and pressure on the stock.