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Promoters’ pledged shareholding increases to 2.09% in Q3; pledged value reaches Rs 1.8 lakh crore

Pledged shares as a proportion of whole holding additionally elevated in the course of the earlier quarter to 1.04%, up from 1.02%.
(Image: REUTERS)

Promoters’ pledged shareholding in BSE 500 firms elevated to 2.09% on the finish of fiscal third quarter, from 2.03% in the earlier quarter. “Promoters of 84 companies in the BSE-500 Index had pledged all or part of their holdings in the December 2020 quarter,” a report by home analysis and brokerage agency Kotak Securities stated. With the rise, the overall value of promoter pledged holdings was recorded at Rs 1.8 lakh crore. However, it is vital to notice that increased promoter pledges don’t essentially point out that promoters are underneath monetary stress.

Pledged shares as a proportion of whole holding additionally elevated in the course of the earlier quarter to 1.04%, up from 1.02%. The report highlighted that solely one of many 500 corporations reviewed had greater than 90% of its promoter holdings pledged. There have been two such firms in the earlier quarter, and 4 in the identical interval a year in the past.

Only one agency with over 90% promoter holding pledged

Future Consumer was the company with the very best promoter pledging at 95.5% on the finish of December 2020, up from 91.2% in the July-September quarter. The value of pledged holding is estimated to be Rs 580 crore. Data confirmed that Suzlon Energy’s promoters have pledged 88.5% of their holdings, valued at Rs 820 crore on the finish of the earlier quarter. Max Financial Services had the third-highest promoter pledging at 87%, valued at Rs 3,510 crore. Max Financial Services promoters had 90% of their holdings pledged in the fiscal second quarter. In phrases of value, Adani Ports & SEZ’s pledged shares are estimated to be price Rs 23,900 crore.

Who elevated, decreased pledges

Pledged holding as a proportion of whole shareholding was the very best at Omaxe at 49.3%, in accordance to Kotak Securities. This was adopted by GMR Infrastructure, Sterling & Wilson, and Future Consumer. The least pledged holding of the overall shareholding was recorded at JSW Steel at simply 9.7%, adopted by Swan Energy, United Breweries, and Sobha — all at 10%.

Firms, the place promoters elevated their pledged holdings, embrace Adani Ports & SEZ, up 7.3%, adopted by Future Consumer with a rise of 4.3% and Strides Pharma Science up 3.3%. The largest lower in promoter holding got here at Dish TV, a discount of 14.1%, adopted by Lemon Tree lodge, Wockhardt, Time Technoplast, and India Cements, all decreasing pledges in double digits.

Among corporations that had negligible promoter pledged holdings included Cholamandalam Financial, Coromandel International, EID Parry, Finolex Industries, MRF, S H Kelkar and Company, and Star Cement.

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