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Sun Pharmaceutical Industries promoter revokes more pledged shares

Our Bureau Chennai | Updated on September 12, 2019 Published on September 12, 2019

Post revocation, Sanghvi Finance’s pledged shareholdings reduced to 4.3% from 5.21%

One of the promoters of Sun Pharmaceutical Industries further revoked its pledged shares. In a disclosure to the stock exchanges, the company said Shanghvi Finance, one of its promoter group entities, has released 66.80 lakh equity shares pledged with Kotak Mahindra Prime on September 5.

It also released another 1.4 lakh shares on September 6 from Kotak Mahindra Prime, which was the lender, as a security for loan availed by the company.

Further on September 6, Shanghvi Finance also released 1.51 crore shares from Catalyst Trusteeship, which acts as a trustee for schemes managed by ICICI Prudential Mutual Fund (which was the lender) in respect of non-convertible debentures issued by third party.

Post revocation, Sanghvi Finance, which holds 40.12 per cent stake in the company, reduced its pledged holding to 4.3 per cent from 5.21 per cent.

Similarly, Aditya Medisales, another promoter group entity, on September 6 released 99.70 lakh pledged shares from JM Financial Products (lender) on repayment of loan availed.

Earlier, on August 30, it had released 50 lakh pledged shares from IDBI Trusteeship Services, a trustee for schemes managed by Kotak Mahindra Mutual Fund (the lender) in respect of commercial papers issued by third party.

More pledging

While on the one hand, the promoters were revoking pledged shares, they also made additional pledgings last month.

On August 22, Shanghvi Finance pledged 35 lakh shares in favour of Sharekhan BNP Paribas Financial Services, as security for a loan availed by the company; it pledged another 15 lakh shares in favour of Sharekhan BNP Paribas Financial Services (the lender) as security for a loan availed by the third party; and 2.337 crore shares in favour of Axis Trustee Services as a trustee for scheme managed by Copthall Mauritius Investment (the lender) in respect of NCDs issued by third party.

On recovery path

Despite recent gains, the stock of Sun Pharma is still underperforming the benchmark BSE Sensex. The stock crashed 34.18 per cent in the last one year, against the Sensex’s fall of 1.63 per cent. However, the stock which registered its 52-week low in May at around ₹350 has recovered sharply in the last three months. On Thursday, the Sun Pharma stock closed at ₹427.7, up 1.34 per cent, on the BSE.

Published on September 12, 2019
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