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    Promoters of 50 companies reduce share pledges, says report

    Promoters of 50 companies reduce share pledges, says report

    Promoters of 50 companies reduce share pledges, says report
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    By CNBC-TV18  IST (Published)

    Promoters of around 50 listed companies including JK Tyre and Industries, Infibeam Avenues and SH Kelkar have reduced share pledges during the last quarter, reported The Economic Times. The paper, citing Bloomberg consensus estimates, said that the stocks of these companies could rally between 10 and 40 percent in the coming months.
    According to the report, the promoters of JK Tyre and Industries redeemed 35 percent stake while Infibeam Avenues reduced pledged stock to 7.9 percent from 21 percent in the last quarter. The promoters of Apollo Hospitals reduced its pledges from 71 percent to 66 percent, the report said.
    Among others that reduced pledges are Adani Transmission, Omaxe, Swan Energy, Birlasoft, Centrum Capital, Igarashi Motors, Indo Rama Synthetics, Bharat Road Network and Emami Paper Mills, the report added.
    Lately, shares have been sold in the open market as promoters failed to top up their pledges with more stock after prices fell, said the report, adding "in some cases, lenders have forced promoters to sell assets to repay loans".
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