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Mukesh Ambani’s right hand pledges INR100 crore worth RIL shares, leaves the market guessing

RIL veteran PMS Prasad has pledged over 90% of his holdings. Coming weeks after the rights issue, the transaction has left the markets guessing the reasons behind it. But Prasad is not alone in these pledges. Alok Agarwal, CFO at RIL, too, has pledged a significant amount of shares in the recent past. So, what’s cooking?
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29 Jul 2020 5 Mins Read 0 comment
PMS Prasad (left) greets managing director Mukesh Ambani (right) and his wife Nita Ambani (centre), while holding bottles of crude oil from the KG basin in Thane. BCCL
PMS Prasad (left) greets managing director Mukesh Ambani (right) and his wife Nita Ambani (centre), while holding bottles of crude oil from the KG basin in Thane.
When the whole world is rushing to buy shares of Reliance Industries (RIL), Mukesh Ambani's Man Friday seems headed elsewhere. PMS Prasad, executive director at RIL, has pledged over 90% of his holdings in the company’s stock, according to recent disclosures. The 600,000 shares pledged on June 29, 2020 were worth INR103 crore. He is currently left with
include chairman Mukesh Ambani, his family members, and a clutch of holding companies, reported any encumbrances such as pledge, as per shareholding pattern disclosed to the exchanges in March. In the rights issue, the promoter group got about 225 million shares. It would be interesting to see the disclosures for the June quarter. ( Graphics by Mohammad Arshad)
When the whole world is rushing to buy shares of Reliance Industries (RIL), Mukesh Ambani's Man Friday seems headed elsewhere. PMS Prasad, executive director at RIL, has pledged over 90% of his holdings in the company’s stock, according to recent disclosures. The 600,000 shares pledged on June 29, 2020 were worth INR103 crore. He is currently left with include chairman Mukesh Ambani, his family members, and a clutch of holding companies, reported any encumbrances such as pledge, as per shareholding pattern disclosed to the exchanges in March. In the rights issue, the promoter group got about 225 million shares. It would be interesting to see the disclosures for the June quarter. ( Graphics by Mohammad Arshad)

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