IDirect Pledgedshares Q3FY13 PDF

Pledged Shares
February 26, 2013

Promoters resort to various modes of raising finance to meet their business and personal needs. Loan against shares is
one such method of raising finance. Under this method, promoters pledge the shares held by them with lenders to get the
required financing. These loans typically have a tenure of one to three years and carry a margin requirement of two or
three times. Simply put, it means that the value of the promoters shares pledged is two to three times the amount of the
loan.
The method appears beneficial for promoters as well as lenders. Promoters get access to quick short-term financing
whereas lenders charge premium rates for this short-term financing arrangement. Lenders also have about twice the value
of the loan as pledge of shares with a right to sell the shares if the promoter defaults in repayment or if the value of
pledged securities goes down.
The risks associated with pledging of shares are quite significant, particularly from the promoters perspective. In case of
default, a lender can sell shares in the open market to recover their dues, which could result in a fall in stock price and
erosion of market capitalisation. Also, promoters run the risk of losing management control if a significant portion of their
holding is pledged.
The term pledging of shares is looked upon with a needle of suspicion by investors. In a scenario of rising stock prices,
there is no concern. However, if price of the shares decline to a certain level, promoters are required to make some
payment or pledge more shares. If the promoter defaults or is unable to provide further shares as margin, then the lender
has a right to sell the shares in the open market. Usually, the quantity of shares sold by lenders is large resulting in an
erosion of stock price. Companies with a high proportion of pledged promoter holding are susceptible to such erosion in
stock prices. Investors tend to be wary of investing in such companies.
In the last 12 quarters, from the data available on pledged shares, we have been able to decipher that promoters have
utilised pledging of shares to get loans on a regular basis. On an average, 9-11% of the promoters holding has been
pledged during March 2010-December 2012. For the quarter ended December 2012, the percentage of promoter holding
pledged declined to 10.9% from 11.4% in September 2012. The percentage of total equity pledged has decreased from
6.1% in September 2012 to 5.8% in December 2012. From September 2009 to September 2010, the BSE 500 index was on
a constant up move due to which pledging would not have caused alarm bells to ring as the value of shares would not
have seen much of erosion in value. However, from its peak in September 2010, the BSE 500 index has corrected ~ 5% in
the last nine quarters resulting in an erosion of market capitalisation of stocks and, hence, the value of shares pledged for
securing loans. In such a scenario, companies that have taken loans against shares have to provide further margin in cash
or pledge more securities to maintain the margin requirement. Companies that default may face the situation of selling of
pledged shares by lenders resulting in a decline in stock prices and reduction in promoter holding.
Exhibit 1: Aggregate pledged shares (%)
12
10 9.4
9.4
9.5
7961
10.9
9000
8000
7265
6759
7000
6682 7206
6386
6000
5779
4
2
10.5
10.1
11.4
7581
7092
6920
9.8
9.4
9.3
7437
8
%
9.4 7984
10.7
5.1
5.1
5.0
5.1
5.0
5.1
5.2
5.5
5.6
5.7
6.1
5.8
5000
4000
percentage of promoter holding pledged
Source: Capitaline, ICICIdirect.com Research
ICICI Securities Ltd. | Retail Equity Research
percentage of total equity pledged
Bse 500
Dec-12
Sep-12
Jun-12
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Sep-10
Jun-10
Mar-10
Exhibit 2: Sectorwise QoQ trend of pledging of promoter holding

% of promoter holding pledged
Dec-12
5.5
0.1
21.3
26.6
3.1
5.3
2.3
7.7
12.7
27.4
11.2
16.9
Sector
Auto & Ancillary
Banks
Capital Goods
Infrastructure
IT (software)
Metals & Mining
Oil & Gas
Pharma
Power
Real estate
Telecom
Textiles
Sep-12
5.1
0.1
21.4
26.0
3.5
7.4
2.3
7.7
12.9
28.1
12.4
17.7
QoQ % change
9.6
3.6
-0.2
2.4
-12.1
-28.6
0.0
-0.1
-1.1
-2.3
-9.0
-4.3
Exhibit 3: QoQ increase in promoter holding pledged for companies with market capitalisation greater than | 1000 crore
Promoter Holding
Stock return
QoQ increase
(%) in
Percentage
Promoter
pledged
holding
(Sep 2012)
pledged
Percentage
(Dec 2012)
Percentage
pledged
(Dec 2012)
PVR
40.1
28.4
4.3
Tata Steel
31.4
6.6
3.3
CORE Education
46.5
47.4
28.0
Crompton Greaves
41.7
47.9
Era Infra Engg.
60.4
97.3
Educomp Sol.
43.4
31.7
Rolta India
44.2
7.7
Raymond
39.9
1.3
Tata Motors
34.7
Swan Energy
75.0
Hotel Leela Ven.
59.8
ABG Shipyard
62.0
Company name
No of equity
shares
(Cr)
1 year (Dec 2012)
Mcap
CMP (|)
(| cr) (22/02/2013)
3 month
6 month
558.5
6.6
41.8
88.2
2.9
1052.4
266.4
100.3
-0.4
-7.2
-22.5
97.1
35395.8
364.5
69.5
-3.2
1.4
7.4
11.4
3379.1
295.3
34.7
38.0
-12.7
-19.6
-35.7
64.1
6203.3
96.7
77.8
25.1
-1.3
0.7
-1.6
18.2
2452.5
134.9
25.6
23.9
-25.6
-33.7
-51.9
11.9
1316.4
107.6
6.3
22.2
7.6
-2.9
-28.7
16.1
1066.4
66.1
1.1
18.8
-15.5
-6.3
-7.3
6.1
2078.9
338.7
7.6
6.4
18.3
13.2
18.2
9.4
270.8
93459.7
293.0
13.2
11.3
16.8
-10.6
-7.5
32.5
9.5
1155.2
121.6
93.1
83.2
12.0
-22.1
-18.6
-31.7
41.9
1034.1
24.7
64.2
57.9
10.9
-6.9
-3.9
-13.7
5.1
1832.9
360.0
GMR Infra.
71.6
31.3
28.4
10.4
2.5
-10.6
-37.1
389.2
7064.7
18.2
Adani Power
68.3
26.7
24.3
9.6
6.5
19.4
-40.1
239.3
11942.4
49.9
D B Corp
75.0
47.6
44.2
7.7
10.8
26.6
16.4
18.3
4305.5
234.8
KPIT Infosys.
24.3
15.4
14.4
6.6
-11.2
-19.7
28.6
19.2
2105.7
109.3
Bombay Rayon
93.2
20.2
19.0
6.2
-7.0
0.9
-7.7
13.5
3218.3
239.1
Omaxe
89.1
63.9
60.2
6.2
-6.6
-2.9
-4.4
17.4
2612.2
150.5
Dish TV
63.6
47.7
45.2
5.7
-9.2
-9.5
8.1
106.5
7086.9
66.6
India Cements
28.2
70.9
67.5
5.1
1.2
-4.5
-15.8
30.7
2598.7
84.6
Siti Cable
63.1
25.4
24.2
5.0
4.8
16.9
201.1
45.2
1078.5
23.9
Aurobindo Pharma
54.8
22.5
21.5
4.7
2.4
68.8
59.9
29.1
5266.4
180.9
Religare Enterp.
71.8
72.9
69.7
4.5
-10.8
-18.6
-33.0
14.9
4039.0
270.4
Pipavav Defence
45.0
95.5
92.3
3.5
-1.3
40.3
10.2
70.1
5886.6
84.0
Sun Pharma.Inds.
63.7
0.4
0.4
2.8
16.2
22.0
47.7
103.6
84018.2
811.3
Adani Enterp.
77.9
11.0
10.7
2.7
3.1
26.9
-40.1
110.0
25394.4
230.9
Pantaloon Retail
43.7
63.2
61.9
2.2
21.5
31.7
20.8
21.6
4992.2
215.6
Lanco Infratech
70.8
65.5
64.2
2.0
-5.2
-5.6
-40.6
240.8
2788.2
11.6
Parsvnath Devl.
71.6
93.3
91.5
1.9
15.2
12.6
-27.2
43.5
1910.4
43.9
Suzlon Energy
50.7
97.7
96.0
1.7
51.3
39.9
-18.5
177.7
4114.6
23.2
D B Realty
61.2
65.4
64.4
1.5
-32.5
9.2
-4.9
24.3
2055.6
84.5
3.1
15.7
15.6
0.8
6.7
19.1
24.1
10.7
5170.3
482.3
172.0
Karur Vysya Bank

Blue Star
40.1
1.7
1.7
0.6
-9.0
-6.8
-9.6
9.0
1546.7
JSW Steel
38.1
49.8
49.6
0.5
8.1
7.4
-4.9
22.3
17243.8
772.9
Cox & Kings
58.9
27.4
27.4
0.3
-2.5
-10.5
-26.6
13.7
1802.1
132.0
Page 2
Exhibit 4: QoQ decrease in promoter holding pledged for companies with market capitalisation greater than | 1000 crore
Promoter Holding
Stock return
QoQ decrease
(%) in
Percentage
Promoter
pledged
holding
(Sep 2012)
pledged
No of equity
shares
(Cr)
1 year (Dec 2012)
Percentage
(Dec 2012)
Percentage
pledged
(Dec 2012)
73.0
4.2
71.3
Jain Irrigation
27.5
16.4
48.2
-66.0
0.0
-12.6
-43.1
43.6
2909.1
64.0
Ruchi Soya Inds.
54.5
1.3
2.1
-40.2
6.0
-23.3
-30.7
33.4
2168.7
65.0
Company name
Netwrk.18 Media
-94.1
3 month
6 month
-14.5
1.0
-23.2
104.6
Mcap
CMP (|)
(| cr) (22/02/2013)
3495.1
33.4
Punj Lloyd
37.2
3.7
5.7
-34.0
-8.6
-9.6
-22.9
33.2
1511.1
45.5
United Breweries
74.8
8.0
11.8
-32.5
-17.6
12.8
35.8
26.4
16316.1
617.1
SpiceJet
48.6
27.2
39.0
-30.3
1.4
0.8
50.2
48.4
1789.7
37.0
Nitin Fire Prot.
71.4
27.4
38.5
-28.9
-2.4
15.1
68.4
22.1
1417.0
64.3
Emami
72.7
11.0
14.8
-25.8
4.3
25.0
57.2
15.1
9270.9
612.8
Gitanjali Gems
59.0
37.3
47.3
-21.1
26.4
61.4
40.6
9.2
5258.5
571.2
Dabur India
68.7
0.0
0.1
-20.0
7.2
10.6
25.7
174.3
22954.0
131.7
Manappuram Fin.
31.6
23.4
28.9
-19.0
7.9
3.7
-20.2
84.1
3028.3
36.0
Bombay Dyeing
52.1
15.2
18.7
-18.9
-10.9
-0.4
8.0
20.7
2034.0
98.5
Gillette India
88.8
1.1
1.4
-18.7
0.7
-6.9
6.6
3.3
7121.1
2185.1
Chambal Fert.
55.1
12.1
14.6
-17.6
-3.6
-6.8
-26.8
41.6
2638.8
63.4
JSW Energy
76.7
27.4
33.2
-17.4
0.3
23.2
-7.2
164.0
9848.5
60.1
Ipca Labs.
45.9
10.0
11.8
-15.2
7.8
18.8
43.9
12.6
6001.4
475.6
Sun TV Network
77.0
9.7
11.3
-14.5
8.8
34.8
24.0
39.4
16192.8
410.9
1992.9
Bajaj Auto
50.0
0.1
0.1
-14.3
9.8
15.5
10.7
28.9
57667.1
SPARC
67.1
0.4
0.5
-14.3
22.6
56.1
49.1
23.7
2803.7
118.5
Radico Khaitan
40.5
44.0
51.2
-14.1
3.4
29.4
17.5
13.3
1838.7
138.4
Welspun Corp
38.0
40.5
46.9
-13.7
-19.1
-15.3
-43.1
22.8
2204.8
83.9
SREI Infra. Fin.
48.6
31.8
36.7
-13.4
4.7
51.3
8.6
50.3
1811.1
36.0
Sintex Inds.
36.2
32.2
36.5
-12.0
2.6
1.0
-34.6
31.3
1891.1
60.4
Strides Arcolab
27.5
44.5
50.4
-11.7
4.3
23.9
89.0
5.9
6116.7
1036.6
IRB Infra.Devl.
62.7
15.1
16.9
-10.8
-4.1
-4.6
-36.7
33.2
3921.9
118.0
NCC
20.4
56.3
62.1
-9.4
-3.2
4.1
-31.3
25.7
1045.4
40.8
Edelweiss.Fin.
37.5
11.3
12.3
-8.4
-6.4
4.0
-1.5
76.2
2463.3
32.3
Aban Offshore
54.1
26.8
28.8
-7.0
-17.9
-25.0
-40.6
4.4
1335.7
307.1
Motherson Sumi
65.6
24.7
26.4
-6.5
17.6
57.9
58.3
58.8
11414.1
194.2
195.7 284665.0
1454.5
TCS
74.0
5.0
5.4
-6.5
13.8
12.6
16.2
Asian Paints
52.8
17.7
18.9
-6.4
14.3
22.7
47.5
9.6
43453.7
4530.2
Apollo Tyres
43.4
15.2
16.1
-5.7
7.1
-5.2
13.4
50.4
4488.1
89.1
HDIL
37.4
91.1
96.2
-5.4
-35.1
-14.6
-43.4
41.9
2845.0
67.9
Magma Fincorp
33.7
7.6
8.0
-5.4
17.8
27.5
20.1
19.0
1599.4
84.2
Unitech
48.4
76.7
79.5
-3.5
10.7
45.0
-8.0
261.6
7835.8
30.0
Zee Entertainmen
43.4
30.2
31.2
-3.1
12.1
29.7
74.9
95.4
20926.0
219.4
Hubtown
82.5
75.4
77.8
-3.0
-5.4
-7.9
-25.0
7.3
1146.8
157.7
Claris Lifescien
62.1
19.5
20.1
-2.9
-28.5
-11.3
38.8
6.4
1239.1
194.2
Page 3
Exhibit 5: QoQ increase in promoter holding pledged for companies with market capitalisation less than | 1000 crore
Promoter Holding
Stock return
QoQ increase
(%) in
Percentage
Promoter
pledged
holding
(Sep 2012)
pledged
No of equity
shares
(Cr)
1 year (Dec 2012)
Percentage
(Dec 2012)
Percentage
pledged
(Dec 2012)
Nakoda
44.0
35.2
0.9
4041.2
Ucal Fuel Sys.
70.5
24.4
2.1
Everest Kanto
60.2
55.2
5.5
Horizon Infrastr
52.4
91.3
13.0
600.9
VKS Projects
44.4
7.5
3.0
150.0
35.7
197.5
Sical Logistics
75.0
32.5
14.1
129.7
-0.3
-3.3
-5.3
Prakash Constro.
64.1
24.8
12.4
99.9
95.1
Nitesh Estates
44.8
47.6
30.6
55.7
-2.0
0.6
Mandhana Indus
64.1
29.3
19.0
53.8
8.3
Varun Ship. Co.
37.8
41.1
26.8
53.3
Sh.Global Trad.
73.8
9.9
6.5
51.9
Company name
3 month
6 month
10.1
29.5
-5.5
1071.2
-6.4
-12.3
909.9
-10.1
-10.8
Mcap
CMP (|)
(| cr) (22/02/2013)
19.8
201.2
10.1
-19.7
2.2
138.5
62.7
-42.9
10.7
253.4
23.7
1.1
232.6
216.6
1.8
323.7
179.9
5.6
361.4
65.0
110.5
12.6
254.5
20.3
-38.0
14.6
195.4
13.4
16.4
3.8
3.3
859.3
259.5
-24.3
-26.2
-40.5
15.0
172.7
11.5
-9.1
-25.9
-78.8
20.9
739.5
35.4
Zylog Systems
33.9
73.3
51.7
41.7
-14.3
-77.9
-76.3
3.3
214.7
65.3
Jindal Cotex Ltd
29.8
34.6
24.4
41.5
-20.3
27.9
-25.5
4.5
254.7
56.6
Orbit Corpn.
48.3
78.7
56.9
38.3
-30.0
-16.3
-39.8
11.4
438.8
38.5
Hatsun AgroProd.
74.4
52.6
39.0
34.7
-4.1
-11.8
-8.1
10.8
893.9
83.0
Bhagwati Banq.
47.5
24.5
18.8
30.2
-9.4
11.2
-21.2
2.9
208.7
71.3
Ruchi Infrastr.
52.3
4.5
3.6
25.9
-10.1
13.2
27.8
20.5
466.8
22.8
120.8
Man Inds.
54.5
30.3
24.3
25.0
-14.1
17.6
9.5
6.0
721.6
Aqua Logistics
13.9
76.4
61.5
24.3
-13.3
-8.7
-31.2
30.0
269.4
9.0
Dishman Pharma.
61.4
9.7
7.8
23.4
-30.2
-9.5
39.5
8.1
654.5
81.1
Lak. Vilas Bank
10.3
37.2
31.3
18.6
22.4
23.6
-1.2
9.8
920.7
94.4
Mah. Polybutenes
72.4
88.8
74.9
18.6
-16.8
-27.0
-45.8
15.6
142.7
9.2
Indosolar
61.8
78.2
66.1
18.3
-8.9
-7.8
-39.2
33.5
123.7
3.7
Sanghvi Movers
46.4
3.5
3.0
16.4
-19.4
-17.5
-36.0
4.3
315.2
72.8
The Byke Hospit.
41.2
13.9
12.1
15.0
7.8
23.4
77.3
2.0
400.9
200.0
Sujana Towers
36.5
78.1
70.2
11.3
-51.1
-18.5
-55.6
51.9
203.5
3.9
Sudar Industries
40.9
67.1
61.1
10.0
7.8
127.1
83.2
2.3
332.7
147.9
D S Kulkarni Dev
46.7
32.1
29.3
9.5
-10.3
6.6
-4.0
2.6
173.4
67.2
C Mahendra Exp
75.0
6.9
6.3
9.2
-19.3
-32.6
-51.6
6.0
405.3
67.6
Zee News
53.3
50.5
46.7
8.0
-12.2
28.8
36.7
24.0
370.5
15.5
Aanjaneya Life.
46.8
94.4
87.7
7.7
-7.6
15.7
25.4
1.4
988.4
711.6
Parekh Aluminex
37.5
62.9
59.7
5.5
-55.9
-57.8
-64.0
1.3
173.7
134.3
Pennar Inds.
40.2
45.9
43.9
4.6
-1.4
-5.3
-22.3
12.2
306.9
25.2
Premier
43.7
59.9
57.4
4.4
4.0
24.6
30.2
3.0
269.7
88.8
JVL Agro Indus
51.7
6.9
6.6
4.2
-14.5
-10.0
-31.7
14.0
218.9
13.0
NCL Inds.
47.0
64.2
61.8
4.0
-20.3
-19.1
-36.1
3.5
111.8
32.0
Page 4
Exhibit 6: QoQ decrease in promoter holding pledged for companies with market capitalisation less than | 1000 crore
Promoter Holding
Percentage
Company name
(Dec 2012)
Escorts
42.0
Geodesic
14.9
Ramco Inds.
53.9
Rane Holdings
45.6
Granules India
44.4
Assam Company
52.5
Kemrock Inds.
9.8
Uflex
43.5
Ansal Properties
45.8
Prozone Capital
35.0
SRS Real
67.2
Zee Learn
72.9
Bharati Shipyard
54.9
Innoventive Ind.
45.4
Elecon Engg.Co
46.1
Venus Remedies
34.2
Ramkrishna Forg.
59.0
Mangalore Chem.
30.4
Tilaknagar Inds.
56.3
Time Technoplast
61.9
Karuturi Global
11.0
Sundaram Multi.
62.4
Jayaswal Neco
69.2
Atlanta
71.5
Astra Microwave
20.4
Excel Crop Care
22.3
Omnitech Info.
52.7
Sequent Scien.
59.8
Sonata Software
37.8
REI Agro
52.1
Bombay Burmah
65.9
Jyoti Structures
27.8
S Kumars Nation
26.3
Action Const.Eq.
67.7
Ashapura Minech.
47.1
SP IC
43.4
Percentage
pledged
(Dec 2012)
1.2
14.1
1.5
1.1
11.2
5.7
42.9
40.6
44.6
49.2
22.2
19.4
14.2
17.6
15.4
42.9
19.3
69.2
43.2
23.0
65.4
38.2
7.2
68.1
7.9
1.6
30.0
7.1
22.2
44.9
19.6
67.3
88.7
0.2
76.3
13.9
Percentage
pledged
(Sep 2012)
14.5
60.3
5.6
3.5
31.9
13.1
83.2
75.7
76.3
82.6
36.2
29.0
20.9
25.1
20.7
56.5
25.2
88.7
54.7
29.0
81.7
47.5
8.6
80.0
9.3
1.8
34.4
8.0
25.2
51.0
22.1
75.8
99.8
0.2
84.8
15.5
Stock return
QoQ decrease
(%) in
Promoter
holding
pledged
-91.9
-76.6
-73.0
-68.8
-64.9
-56.5
-48.5
-46.3
-41.5
-40.4
-38.5
-33.0
-32.1
-30.0
-25.7
-24.0
-23.5
-22.0
-21.0
-20.8
-20.0
-19.6
-16.3
-14.9
-14.8
-13.7
-12.9
-12.1
-11.9
-11.9
-11.3
-11.2
-11.2
-11.1
-9.9
-9.9
3 month
4.0
-65.9
-1.3
-12.1
-33.8
-3.2
1.4
-16.4
-2.0
-21.3
-3.0
-13.1
-25.7
1.4
-24.4
-1.7
-8.6
-24.3
8.5
-2.4
-22.3
30.8
-1.2
25.1
2.8
-16.7
9.8
-2.4
14.3
-18.8
-5.6
-18.9
-22.4
-42.3
1.6
5.3
6 month
-2.0
-71.1
6.3
-11.9
-25.9
30.8
-62.7
-20.5
19.5
1 year
-23.0
-79.2
41.8
-14.9
48.8
-18.6
-87.9
-38.2
-20.7
23.7
2.3
-32.5
6.1
-19.9
27.4
-12.9
-35.1
44.0
7.0
-21.5
31.6
-10.6
-12.2
-9.0
60.3
58.2
25.1
24.6
-7.6
6.3
-7.1
-58.1
-39.1
38.5
2.7
29.0
83.1
-50.9
23.3
-43.2
52.4
-11.6
-22.3
26.1
-9.0
-47.3
27.9
-35.6
-22.4
5.7
28.1
37.9
117.2
6.7
-36.4
28.5
-30.8
-72.5
-60.4
158.3
-25.2
No of equity
shares
(Cr)
(Dec 2012)
12.3
9.0
8.7
1.4
2.0
31.0
2.0
7.2
15.7
15.3
20.1
26.3
3.8
6.0
9.3
1.0
2.1
11.9
12.1
21.0
81.0
21.6
43.0
8.2
8.2
1.1
1.5
2.4
10.5
95.8
7.0
8.2
29.7
9.9
8.3
17.4
Mcap
CMP (|)
(| cr) (22/02/2013)
775.9
63.3
118.8
13.2
541.0
62.4
248.5
174.0
228.0
113.3
222.1
7.2
126.3
62.1
595.4
82.5
472.2
30.0
421.2
27.6
890.4
44.3
688.8
26.2
150.1
47.4
772.3
129.5
340.8
36.7
264.6
271.7
219.8
104.3
377.5
31.9
849.4
69.9
943.4
44.9
256.7
3.2
422.6
19.6
579.2
11.7
398.5
48.9
326.6
39.9
194.7
177.0
271.6
181.1
385.7
163.2
277.2
26.4
928.3
9.7
812.2
116.5
296.1
36.0
297.7
10.0
143.5
14.5
342.0
41.2
428.3
63.1
Exhibit 7: Number of companies with pledged shares
5000
4200
4377
4375
4172
4090
4000
3000
2000
1000
841
858 19.6%
839
4104
4115
20.5%
20.3%
20.3%
20.0%
4102
20.7%
20.2%
21.0%
4071
20.6%
20.0%
846
830
848
827
845
838
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
19.2%
0
Dec-10
Mar-11
Jun-11
20.5%
19.5%
19.0%
No. of companies that have pledged shares
Total no of companies that have declared shareholding data
% of companies that have pledged shares
Page 5
Pankaj Pandey
Head Research
pankaj.pandey@icicisecurities.com
ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No. 7, MIDC
Andheri (East)
Mumbai 400 093
research@icicidirect.com
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Pledged Shares

February 26, 2013

percentage of promoter holding pledged

Source: Capitaline, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

percentage of total equity pledged

Exhibit 2: Sectorwise QoQ trend of pledging of promoter holding

Era Infra Engg.

Hotel Leela Ven.

Karur Vysya Bank

Cox & Kings

Source: Capitaline, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Ruchi Soya Inds.

Nitin Fire Prot.

SREI Infra. Fin.

ICICI Securities Ltd. | Retail Equity Research

Ucal Fuel Sys.

Varun Ship. Co.

Jindal Cotex Ltd

Lak. Vilas Bank

The Byke Hospit.

JVL Agro Indus

ICICI Securities Ltd. | Retail Equity Research

Exhibit 7: Number of companies with pledged shares

No. of companies that have pledged shares

Total no of companies that have declared shareholding data

% of companies that have pledged shares

Source: Capitaline, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

ICICIdirect.com Research Desk,

ICICI Securities Ltd. | Retail Equity Research

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