Do promoters participate in the buyback? That is tender their shares? And use the cash raised to clear the pledge? In that case, it is even more worrisome and raises questions on the real reason as to why they keep pledging. If they think shares are really undervalued, they should not be participating in the buyback and let their stake in the company increase.
don’t understand despite two buybacks at prices much above the then prevailing market prices, the market has ignored their signal.