Feb 24 (Reuters) – NMC Health founder BR Shetty has pledged 7 million of the company’s shares as security for debt, his holding company said on Monday, adding that the Indian billionaire has a 9.81% interest in the UAE healthcare group.
BRS International said the former NMC co-chair pledged the shares to Goldman Sachs as part of a funded equity collar transaction, a complex deal that has been revived in recent years by Wall Street banks to help build a stake in a company.
The move comes after Shetty resigned as NMC’s co-chairman last week, creating further uncertainty for the London-listed company, as British regulators look into NMC following a disclosure that he had misstated the size of his stake in the company.
Reporting by Pushkala Aripaka in Bengaluru and Abhinav
Ramnarayan in London; editing by Louise Heavens