Paisalo Digital promoters Santanu Agarwal and Sunil Purushottam Agarwal pledged additional shares in the company on September 7, 2026. The encumbrance was created to avail margin trading facilities.

The disclosure filed with stock exchanges reveals that Santanu Agarwal pledged 22,50,000 shares, while Sunil Purushottam Agarwal pledged 25,50,000 shares. Both transactions were executed as pledges for loan against security.

Encumbrance Details

The new pledges bring the total encumbered holdings for both promoters to specific levels. Santanu Agarwal’s total pledged shares now stand at 91,56,000, representing 1.00% of the total share capital. Sunil Purushottam Agarwal’s pledged holding increased to 93,56,000 shares, or 1.02% of the total share capital.

Security Cover Analysis

The filing provides details on the security cover for the latest encumbrance. For Santanu Agarwal’s pledge, the value of the shares on the date of the event was ₹14.63 crore. The amount involved against which these shares were encumbered was ₹7.30 crore. This results in a security cover ratio of 2.00, indicating that the market value of the collateral is twice the borrowed amount.

Previous encumbrances held by Santanu Agarwal showed lower security cover ratios, ranging between 1.58 and 1.68. The higher ratio for the latest transaction suggests a more conservative leverage position for this specific tranche of borrowing compared to earlier pledges made in May and June 2026.

What the Numbers Show

The disclosure explicitly states that the pledge has been created solely for availing margin trading facilities and does not involve any transfer of ownership or control of shares. This distinguishes the transaction from pledges taken for personal borrowing or corporate debt repayment, which are often viewed more cautiously by investors. The involvement of private trading entities (Bikewin Trading Private Limited and Carwin Trading Private Limited) as lenders aligns with the stated purpose of margin financing rather than traditional bank lending.

Paisalo Digital has approved the issuance of unsecured Non-Convertible Debentures (NCDs) worth up to ₹180 crore via private placement. The Operations and Finance Committee gave its nod on September 5, 2026, setting a proposed allotment date of September 18, 2026.

Issue details

The company will raise funds through the issuance of up to 18,000 unsecured NCDs, each with a face value of ₹1,00,000. The base issue size is ₹90 crore, with an option to retain oversubscription (green shoe option) of up to another ₹90 crore.

The debentures carry a coupon rate of 12.00% p.a., payable quarterly. They are proposed to be listed on BSE Limited and have a tenure of 119 months and 26 days from the date of allotment. Interest in case of default will be charged at the coupon rate plus 2.00% per annum.

Committee meeting outcome

The approval was granted during the meeting of the Operations and Finance Committee held on September 5, 2026. This follows the initial review scheduled for the same date, as previously reported. The issuance is structured as a private placement through the EBP Platform.

Paisalo Digital Limited, registered under CIN L65921DL1992PLC120483, serves customers across India through its digital lending platform.