Finablr stock dives after owner pledges shares for Travelex debt
Share:
LONDON (Reuters) - Shares in payments company Finablr plunged 25% on Friday after it disclosed its majority owner, UAE-based Indian billionaire B. R. Shetty, had pledged over half the company's stock as security against debts it incurred buying Travelex.Shetty pledged shares worth 56% of Finablr to refinance debts relating to the 2015 acquisition of foreign exchange provider Travelex, Finablr said.Travelex this month suffered a cyber attack that forced its systems offline for weeks.A..