Value of promoter holding in BSE-500 stocks decline to 1.5% in June quarter: Kotak report

The value of promoter pledge holding as a percentage of promoter holding declined to 1.5 per cent in the April-June quarter from 1.7 per cent in the previous quarter, according to the Kotak Institutional Equities report.

Promoters of 81 companies in the BSE-500 Index have pledged part of their holdings in the June 2022 quarter.

Only three companies had more than 80 per cent of their promoter holdings pledged. These companies are Thyrocare Technologies, Max Financial Services and Suzlon Energy.

However, Medplus Health Services, Sterling & Wilson, Jindal Steel & Power, Sobha and Strides Pharma Science, among others have seen substantial increase in pledged promoter holdings.

As per report, the value of pledges promoter holdings stood at Rs 1.7 lakh crore.

“We clarify that pledging of shares does not necessarily imply that a company or a promoter is under financial stress; banks (lenders) could have sought additional security in the form of promoter shares,” the report said.

Companies in the Nifty-50 with more than 5 per cent of pledged promoter holdings: Adani Ports & SEZ (13.1 per cent), Apollo Hospitals (16.4 per cent), Asian Paints (11 per cent), IndusInd Bank (45.5 per cent) and JSW Steel (16.8 per cent).

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