I think, Promoters pledged shares to avail NCDs.
In Q1 call, management shared that they pledged share to avail NCDs at 12% interest for 1 year loan. They were confident that they can resolve Cashflow issue within 1 year.
With Q2 result, this statement make sense. Shilpa is one of the few Pharma company which is showing Topline and PAT growth.
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