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As at the end of December 2012, the total value of pledged stocks was $28 billion, up 2.4% QoQ. In rupee terms, the total pledged value stood at Rs1.5 trillion, up 5% q-o-q.
Out of the 813 companies that had reported pledging in September 2012, 20 have revoked their full pledges on shares. An additional 30 companies have reported fresh promoter pledging during December 2012, said the report.
During the quarter, Technology and Materials saw the most fall in share of pledging while Healthcare and Consumer Staples witnessed the most pick up. At the end of the quarter, Consumer Discretionary followed by Materials have the biggest pledging by promoters in value as well the most widespread promoter pledging. Separately, as a% of market cap, pledging is highest for Utilities and Financials while as a percentage of promoter holding, the percentage of pledging is the highest for Energy and least for Technology.
What’s interesting is that 206 companies have reported lower pledging vs. the previous quarter while 218 companies have increased pledging vs. the previous quarter. 352 companies have kept their level of pledging (in %) unchanged. Nine promoters have increased their pledging by more than 25% during the quarter ended December 2012, while 17 promoters have brought down by 25% and more. Out of the 809 companies that have reported pledging, promoters of 258 companies have pledged more than 50% of their holdings.
As per the SEBI regulations initiated in March 2009, promoters/founders of companies are required to disclose the amount of stock they have pledged.
