By Staff writer
Holding company BRS International says Indian billionaire currently has a 9.81% interest in the UAE healthcare group
NMC Health founder BR Shetty had pledged 7 million of the company’s shares as security for debt, according to a statement released by his holding company on Monday.
In a filing to the London Stock Exchange, BRS International said that the Indian billionaire currently has a 9.81 percent interest in the UAE healthcare group.
It said Shetty had pledged the shares to Goldman Sachs as part of a funded equity collar transaction, a complex structure used to help to build a stake in a company.
Shetty resigned as NMC’s co-chairman last week following a slump in its share price on doubts about the shareholdings of its major investors.
The stock has lost 68 percent since a Muddy Waters report on December 17 and is the worst performer this year in the UK’s benchmark FTSE 100 Index. It jumped on February 10 after the company said it received preliminary takeover approaches.
NMC operates the largest medical network in the United Arab Emirates and in 2012 became the first Abu Dhabi company to list in London. The shares started teetering in mid-December when Muddy Waters alleged that NMC manipulated its balance sheet and inflated the prices of companies it acquired.
Shetty said earlier this month that his NMC shareholdings were under a legal review — looking into a large portion of his shares signed to two of NMC’s top investors in 2017, while some of his other stock had been pledged as security against loans.health tips & news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.