 "Essar Ports promoters pledge almost 100% of their stake in co")
Value of pledged shares of Indian companies declined marginally to Rs 1.40 lakh crore as of March 31 from Rs 1.43 lakh crore as of 31 December, according to a note by brokerage Edelweiss analysing the shareholding pattern of 3,861 companies.
The pledged shares formed 2.09 percent of the aggregate market capitalisation, which fell a marginal 3 percent during the period, said the brokerage.
[caption id=“attachment_767375” align=“alignleft” width=“380”]
Of the 3861 companies, 788 have pledged shares. Reuters[/caption]
Some of the points on pledged shares are as follows:
* Of the 3861 companies, 788 have pledged shares
* In the F&O segment, those companies with the highest pledge of promoters shares were United Spirits (96.95 percent), HDIL (96.11 percent) and Unitech (75.72 percent). Promoter pledge in United Spirits and HDIL has been above 90% over the past three quarters.
* Crompton Greaves witnessed a sharp increase in promoters’ share pledge over the last three quarters-from 5.18 percent to 61.58 percent. In the quarter ago, the promoter pledge stood at 47.86 percent.
* Other companies that witnessed such incremental increase in promoter pledge on quarter were Shree Renuka Sugar (38.88 percent from 26.10 percent) and United Phosphorous (18.91 percent from 7.04 percent).
* Among Nifty constituents, Asian Paints has the highest promoter pledge-15.48 percent.
* One company in the F&O segment that has revoked the pledge completely was Hero MotoCorp.
* Stocks in the non-F&O segment with substantial promoter pledges are Essar Ports (99.74 percent), Pipavav Defence (96.98 percent), Wockhardt (87.06 percent), Essar Oil (85.93 percent), Jaypee Infratech (67.3 percent) and Fortis Healthcare (63.77 percent).
* Of these, the on quarter increase in promoter pledge of Essar Ports was the sharpest-from 17.16 percent as of 31 December to 99.74 percent as of 31 March.