Mukesh Ambani's trusted aide PMS Prasad pledges 94% of his shares

In a curious move, Reliance Industries’ (RIL) executive director and Mukesh Ambani’s trusted aide PMS Prasad (pictured) pledged 600,000 shares of the company last month, which is 93.75 per cent of the total shares he owns in RIL.

Prasad owned a total of 640,000 RIL shares and his compensation stood at Rs 11.15 crore in FY20.  

Typically, professional corporate executives pledge shares when they need to raise cash to exercise stock options in the company’s shares or invest the money elsewhere.

Neither Prasad nor RIL responded to Business Standard’s queries on the reason for the pledge.

According to stock exchange filings, Alok Agarwal, chief