Promoters release pledged shares, look for options to raise funds

In both Zee and Reliance Group, the promoters will have to sell their assets, as a sharp fall in their share prices forced them to top up their already pledged shares

Even as some of their peers default on their debt repayments against pledged shares, several Indian promoters have initiated talks with lenders to release their pledged shares by raising funds from other sources, which includes selling part of their stake or selling other assets, say bankers.

While promoters of Emami, Adani Power, and Adani Ports have already released part of their pledged shares by paying off lenders in the first two months of 2019, more such transactions are expected in March – the last quarter of 2018-19, add bankers.

“The crisis at Zee Telefilms and Anil Ambani-led Reliance group companies is a