January 24, 2020 / 11:21 AM / a month ago

Finablr shares dive after it says stock pledged as collateral for Travelex debt

Jan 24 (Reuters) - Shares in payments company Finablr plunged on Friday after it said that 392.2 million shares, more than half its stock, have been pledged as security for borrowings by a company owned by Finablr co-chairman B.R. Shetty.

The borrowings referred to in the filing date from March 25, 2016 and were used to refinance debt relating to the acquisition of Travelex Holdings, the filing said.

This month, a cyber attack forced Travelex to take all its systems offline, causing trouble for New Year holidaymakers and business travellers seeking online currency services.

Finablr shares were down 24% at 11.17 GMT. (Reporting by Muvija M in Bengaluru Editing by Rachel Armstrong)

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