The pledged Promoter holding is down from 76.8% to 65.45% as of December 2019. Further some more shares have been released from pledge thereafter. With the company’s debt expected to reduce from 48 crs to about half of that by September 2020, the Promoter pledging is also expected to come down drastically by then.
The mgt. has clarified in one of the filings to the exchanges that the shares pledged by the Promoters have been for the business loans taken by the Co. & not for any personal borrowing.