The promoters and promoter group entity firms of Kingfisher Airlines have pledged more than 80 per cent of the total holdings of 66.27 per cent.

As per the disclosures made to the stock exchanges, two promoter group entities United Breweries (Holdings) and Kingfisher Finvest India have pledged their entire holdings in the firm. United Breweries (Holdings) holds about 8.64 crore shares or 32.49 per cent stake in the firm, while Kingfisher Finvest India owns about 6.12 crore shares or 23 per cent stake in the airline.

The pledge also represents 55.49 per cent of the total number of shares outstanding in the company and more than 83.73 per cent of the total promoter and promoter group holding of 66.27 per cent, as per the shareholding pattern in December 2010. The reason for the pledge is not disclosed.

There has been spurt in the activity of promoters pledging shares in Indian companies in recent times, as the stock market plunge prompts them to face margin calls or give additional shares as security.

The Securities and Exchange Board of India (Sebi) made disclosure of shares pledged by promoters mandatory two years back, following the Satyam Computer scam. Satyam founder Ramalinga Raju and other former promoters had pledged nearly all their shares — whose prices he had inflated by falsifying profits — to lenders. When they failed to meet the margin calls after the fall in the value of shares, the lenders sold the pledged shares in the market, which brought Raju’s stake in the company even lower to virtually negligible levels.

kingfisher/BSE Rs 41.70 p

NSE Rs 41.60 p

sanjayvijay@mydigitalfc.com