Unitech promoters pledge 49.48- per cent stake
16 February 2009
Promoters of Unitech Ltd, the country's second biggest realty firm, have pledged 49.48 per cent stake of the company with lenders.
In a filing with the Bombay Stock Exchange, the company said its promoters have pledged over 80.33 crore shares, representing 49.48 per cent stake of the company.
At current prices the value of the pledged shares should work out to Rs2,420 crore.
The regulatory filing by Unitech merely said "a very significant portion of the shares have been pledged as additional security for the loans availed by the company.''
Of this, the major portion, representing 26.41 per cent of the company's equity, has been pledged by Prakausali Investments (India), according to the filing.
Rest of the promoters together have pledged over 374.5 million shares, representing 23.06 per cent stake of the company, it said.