Finablr shares tumble after it says half of its stock pledged as collateral for Travelex debt - The National

Finablr shares tumble after it says half of its stock pledged as collateral for Travelex debt - The National:

Payments and foreign exchange holding company Finablr's share price tumbled on Friday after a bourse filing showed its majority owner, UAE-based Indian billionaire B.R. Shetty, pledged more than half of its stock as security to raise loans.

Finablr said on Friday that 56.03 per cent of its stock, or 392,220,890 shares, was pledged as a security against borrowings by BRS Investments, an investment company owned by Mr Shetty, to buy Travelex, according to a filing to the London Stock Exchange, where its shares trade. The payments processing company's shares plunged 27.37 per cent to 95 pounds (Dh456) at the market close in London on January 24.

Finablr's "operations continue to function as normal," the company said. "BRS has reassured the company around the level of security represented by its shareholding in Finablr and the discussions that it has had with its banking group around repayment/refinancing of the loan as well as the other collateral sources should these be required."