N r agarwal industries Limited has submitted a re-revised disclosure under SEBI (SAST) Regulations 2011, correcting details related to share encumbrance following regulatory feedback. The company filed the updated disclosure on March 24, 2026, addressing corrections in post-event holding of encumbered shares.

Regulatory Compliance Update

The re-revision follows correspondence from BSE dated March 19, 2026, and builds upon previous disclosures submitted on December 18, 2025, and December 22, 2025. The correction addresses the continuation of Non Disposal Undertaking in favour of Axis Bank, ensuring proper alignment of chronological sequence of transactions.

Share Encumbrance Details

The disclosure covers the release of pledge by three promoters on December 16, 2025:

Transition of Encumbrance Structure

The release of pledge coincided with the creation of Non-Disposal Undertaking in favour of SBICAP Trustee Company Limited. The arrangement involves multiple lenders including State Bank of India and Punjab National Bank. Post-event holding of encumbered shares remains unchanged due to the continuation of Non Disposal Undertaking in favour of Axis Bank.

Regulatory Framework

The disclosure complies with Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These regulations mandate promoters to disclose encumbrance creation, release, or invocation of shares to stock exchanges and target companies. The company's shares are listed on BSE Limited and National Stock Exchange of India Limited.

Documentation and Compliance

The re-revised disclosure was digitally signed by promoter R N Agarwal on March 24, 2026, ensuring proper authentication and regulatory compliance. The submission aligns the chronological sequence of transactions with the company's February 17, 2026 filing, providing clarity on the encumbrance structure.

N R Agarwal Industries Limited has announced a significant enhancement in its production capacity following regulatory approval from the Gujarat Pollution Control Board (GPCB). The company received an amendment to its Consolidated Consent & Authorization (CCA) permitting increased production capacity at its Unit-I facility located at Plot No. 167, 169, Phase-II, GIDC Estate, Vapi, District Valsad, Gujarat.

Production Capacity Enhancement Details

The regulatory approval enables N R Agarwal Industries to increase its duplex paper board production capacity from the existing 8,000 MT per month to 10,000 MT per month. This represents an additional capacity of 2,000 MT per month, marking a substantial 25% increase in production capability.

Implementation and Investment

The enhanced capacity becomes effective immediately upon receipt of the amended CCA from GPCB. Notably, the company disclosed that this enhancement pertains to regulatory approval for capacity increase, with no separate capital expenditure involved pursuant to this approval. The existing facility was already operating at 100% capacity utilization, indicating strong demand for the company's duplex paper board products.

Regulatory Framework

The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 and Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The enhancement remains subject to compliance with conditions stipulated in the amended CCA.

Strategic Implications

The capacity enhancement positions N R Agarwal Industries to better serve market demand for duplex paper board products. With the existing facility operating at full capacity, the additional 2,000 MT per month production capability provides the company with increased operational flexibility and potential for revenue growth. The regulatory approval represents recognition of the company's operational capabilities and compliance standards by the Gujarat Pollution Control Board.