Around 9,23,867 shares held by JK Investors (Bombay), a promoter entity of Raymond, have been cumulatively pledged with four entities earlier this month. They account for 1.39 per cent of Raymond’s total share capital.

Regulatory filings made by Raymond Ltd have shown that these fresh share pledges were created earlier this month for the quarter ended September 30. JK Investors (Bombay) held 1,98,61,793 shares, or 29.83 per cent, of the company.

Of this, 47,56,133 shares, or nearly 24 per cent of its holding, was pledged. A pledge of 233,640 shares was created in favour of STCI Finance Ltd, Standard Chartered Capital (13,5,330 shares), Aditya Birla Finance (26,2,846 shares), and Bajaj Finance (29,2,051 shares).

The additional share pledge may have been on account of the drop in its share price following the dispute between chairman Gautam Singhania and his wife Nawaz Modi. The pledge could also have been made to secure a loan.

Shares of Raymond on Monday settled at Rs 1764.10 on the BSE, a rise of 3.14 per cent over the last close.