Total value of shares pledged by promoters increased to Rs 2.2 lakh crore

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MUMBAI: The exercise came amid a rise in promoters' pledged shares during the October-December quarter and a 6 per cent rise in the benchmark Nifty index.

According to a report by Kotak Institutional Equities, the value of promoters' pledged shares as a percentage of promoters' stake increased to 1.61 per cent in September quarter (2022-23) from 1.57 per cent in September quarter (2022-23). The total value of shares pledged by the promoters is Rs. 2.2 lakh crore, which is 0.83 percent of the total market capitalization of the MGE 500 index.

Promoters of major Indian companies increased pledged shares in the December quarter as global policy tightening due to rising inflation caused volatility in equity markets.

Promoters of 87 companies in the MGE 500 index pledged at least part of their stake at the end of the third quarter. Among them, only 17 companies' promoters pledged more than 25 percent stake.

Companies whose promoters have pledged more than 90 percent of their stake include Max Financial Services and Thyrocare Technologies. Companies whose promoters have raised pledged shares include Lloyds Metals & Energy, Happiest Minds Technologies, Wockhardt, Emami and Ajanta Pharma.

On the other hand, pledged shares of promoters Motherson Sumi Wiring India, Deepak Fertilizers & Petrochemicals, GMR Airports, Ganules India and 360 One declined. According to the report, the promoters of Lloyds Metals and Energy and Happiest Minds Technologies pledged new shares.

Apollo Hospitals Enterprises (16.4 per cent), Asian Paints (7.6 per cent), IndusInd Bank (45.5 per cent) and JSW Steel (17.6 per cent) are the most mortgaged. This report is based on December 2022 data.

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