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Share pledging by Gujarat Inc jumps

DNAHM85662 | 5/16/2015 | Author : Sumit Khanna | WC :576

Value of shares pledged by Gujarat-based cos rises 125% in a year to `36,000 cr as of March 2015
The percentage of promoter holding pledged went up from 32.66% a year ago to 39.12% in March 2015

huge rise
Ahmedabad: Share pledging by Gujju promoters has shot up in the last year. Data shows that while value of pledged shares more than doubled in the last year, percentage of promoter holding pledged has also increased by almost 25%.
Promoters typically pledge their shares to raise funds for the same company, or for financing other projects. High levels of pledged shares are not seen as a good sign by investors as a downturn in market price can lead to invocation and change in management.
However, this does not seem to have desisted promoters of Gujarat-based companies from raising funds by pledging part of their holding, as there was a huge rise in shares pledged by many promoters in 2014-15.
According to www.nseinfobase.com,
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