The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on November 20, 2025 for Niral Enterprises Pvt Ltd
SPMLINFRA · price
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On the reaction day the stock moved 1.4 pts less than Nifty Microcap 250 and 1.7 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.
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SPML Infra has informed the exchanges that its promoter, Niral Enterprises Pvt. Ltd, has pledged roughly 3.99 lakh shares of the company with SBICAP Trustee Company Ltd, which is acting on behalf of National Asset Reconstruction Company Ltd (NARCL), the government-backed bad bank. This disclosure was filed under SEBI's SAST Regulations following the creation of this encumbrance on November 19, 2025. The pledging of promoter shares to NARCL typically indicates that the company or its promoter group has stressed loans that have been transferred to the bad bank, with shares given as collateral. As per the disclosure table, nearly the entire promoter shareholding now stands encumbered, meaning almost 100% of Niral Enterprises' stake is pledged.
This is a negative signal for retail investors. Pledging of nearly the entire promoter holding to a bad bank (NARCL) raises concerns about the financial health of the promoter group and the underlying debt stress at SPML Infra. Share price could face pressure due to risk of forced sale if the pledge is invoked.