The percentage of pledged promoter holdings of BSE-500 stocks during the three months to June has not seen a significant increase in comparison to the March quarter, a research report published by Kotak said.
The percentage of promoter pledged holding remained at 10.8% in the June quarter against 10.9% in the March quarter. Promoters have pledged shares worth R15 lakh crore, which is about 1.6% of the total BSE-500 Index’s market capitalisation during the period.
Promoters of 137 companies pledged their holdings in BSE-500 stocks, with nine companies having more than 90% of their promoter holdings pledged. Bajaj Hindustan, Reliance Defence, Gayatri Projects, Videocon Industries, Rattanindia Power, Alok Industries, KSK Energy Ventures and Suzlon Energy were among the companies whose promoters pledged more than 95% of their holdings.
FMCG firm Kwality tops the list with the highest increase in promoter pledge of 19% followed by JBF Industries which reported an increase of 15%. Other companies like Reliance Capital, Gayatri Projects and Siti Cable Network saw an increase in promoters pledge between 8% and 12%. At the other end of the spectrum, Future Consumer saw a decline in its pledged holdings by 9.5%. Companies lik GMR Infrastructure, Jindal Steel & Power, Dish TV and JSW Steel saw a decrease in pledged holdings between 5% and 8%.
Promoters of Bajaj Hindustan, Reliance Defence and Gayatri Projects pledged 100% of their holdings during the three months to June. Amtek Auto, Star Ferro and Cement saw its promoters revoking their entire pledged holdings during the period.