The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on December 23, 2025 for Niral Enterprises Pvt Ltd

Pledge releasedOwnership Changes View source PDF Explain this filing

SPMLINFRA · price

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

-3.3%Reaction day

₹180.00

prior close

₹180.60

announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used-0.5%-2.7% vs market

Civil Construction peers, median of 97sector-0.2%-3.1% vs sector

On the reaction day the stock moved 2.7 pts less than Nifty Microcap 250 and 3.1 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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Sessions after the filingfrom the prior close

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Reaction day

-3.3-0.5-2.7-0.2-3.1

Next day

-3.9-1.1-2.8-1.0-2.9

-3.4-1.8-1.5-2.3-1.1

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+2.9+0.9+2.0-1.4+4.3

15d

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-3.3-5.4+2.1-10.6+7.3

-11.7-13.7+2.0-24.5+12.8

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

On December 23, 2025, SPML Infra disclosed that promoter Niral Enterprises Pvt Ltd has created a fresh pledge over roughly 22.3 lakh shares in favour of SBICAP Trustee Company Ltd, acting on behalf of National Asset Reconstruction Company Ltd (NARCL). The pledge is part of a Master Restructuring Agreement (MRA) dated May 17, 2024. After this creation, Niral's encumbered holdings stand at about 2.96% of the company's total share capital, with most of its 26.3 lakh shareholding now pledged. The disclosure, filed by multiple promoter-group entities under SEBI's SAST Regulation 31, also shows some related promoter entities having their earlier pledges replaced or adjusted under the same NARCL restructuring, taking the group's total encumbered shares to roughly 70.5 lakh.

Likely market impact

This is a negative signal for shareholders because pledging shares with NARCL (the government's bad bank that acquires stressed assets) indicates promoter-level financial stress and debt restructuring rather than routine financing. The stock may see short-term pressure as the market typically views heavy promoter pledging, especially with an asset reconstruction company, as a credit-quality red flag.