Recently, several small-cap companies have seen their promoters revoke or substantially reduce pledged shares. Pledging shares is when promoters use their own holdings as collateral for loans, which can be risky if those shares must be sold in case of financial stress.
When pledges are revoked or reduced, it often signals improving balance sheets, lower debt dependence, and enhanced investor confidence. Let’s look at three such small caps where promoters have unpledged shares or sharply cut their pledge levels.
Here are a few small-cap stocks in which promoters revoked a pledge on shares on 16th September 2025
ADF Foods Limited
With a market capitalization of Rs. 2,580.70 crore, the shares of ADF Foods Limited were currently trading at Rs. 234.90 per equity share, rising nearly 1.25 percent from its previous day’s close price of Rs. 232.
On 16 September 2025, Parul Bimal Thakkar, a Promoter, revoked a pledge for 12 Lakh shares (1.09 percent) at an average price of Rs. 231.9, increasing his holding to 54.29 Lakh shares (4.94 percent). The total value of this transaction was Rs. 27.83 crore.
ADF Foods Limited was founded in 1932 as a small retail store in Mumbai and is now a global leader in ethnic prepared foods. It produces frozen snacks, ready-to-eat meals, pickles, and sauces under multiple brands, serving markets in over 55 countries with a diverse product portfolio.
Paradeep Phosphates Limited
With a market capitalization of Rs. 14,220.74 crore, the shares of Paradeep Phosphates Limited were currently trading at Rs. 174.20 per equity share, rising nearly 3.29 percent from its previous day’s close price of Rs. 168.65.
On 16 September 2025, Zuari Maroc Phosphates Private Limited, a Promoter, revoked a pledge for 2.50 crore shares (3.07 percent) at an average price of Rs. 181.1, increasing its holding to 45.69 crore shares (56.05 percent). The total value of this transaction was Rs. 452.75 crore.
Paradeep Phosphates Limited was founded in 1981 as a joint venture between the Government of India and the Republic of Nauru. The company is a leading Indian manufacturer of phosphatic fertilizers and produces DAP, NPK, and urea fertilizers from its plants in Odisha and Goa, serving millions of farmers across India.
AXISCADES Technologies Limited
With a market capitalization of Rs. 7,198.89 crore, the shares of AXISCADES Technologies Limited were currently trading at Rs. 1,693.95 per equity share, rising nearly 0.66 percent from its previous day’s close price of Rs. 1,682.80.
On 16 September 2025, Jupiter Capital Private Limited, a Promoter, revoked a pledge for 10.04 Lakh shares (2.36 percent) at an average price of Rs. 1,579.3, increasing its holding to 2.47 crore shares (58.08 percent). The total value of this transaction was Rs. 158.56 crore.
AXISCADES Technologies Limited was founded in 1990 and is a leading technology solutions company specializing in engineering services. It supports aerospace, defense, automotive, and industrial sectors from concept design to manufacturing, serving global OEMs with innovative and integrated engineering solutions.
Written By – Nikhil Naik
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