Orchid Chemicals promoters pledge 22.35% stake
OrchidChemicals & Pharmaceuticals today said its promoters had pledged 22.35%stake in the company.
In afiling to the Bombay Stock Exchange, the company said four of its promoters anda promoter group firm had pledged a total of 1,57,45,383 shares, out of total7,04,42,076 outstanding shares of the company.
It, however, did not disclose to whom the shares were pledged and at whatprice.
The promoters who have pledged their shares are K Raghvendra Rao, RVijayalakshmi, R Divya and R Sowmya, while the group firm that has also pledgedthe shares is Orchid Health Care Pvt Ltd.
According to data available on the BSE, the promoters have a total of 30.53%stake in the company as on March, 2011.
Shares of Orchid chemicals & Pharmaceuticals today closed at Rs 248.55 onthe BSE, down 8.69% from its previous close.
It, however, did not disclose to whom the shares were pledged and at whatprice.
The promoters who have pledged their shares are K Raghvendra Rao, RVijayalakshmi, R Divya and R Sowmya, while the group firm that has also pledgedthe shares is Orchid Health Care Pvt Ltd.
According to data available on the BSE, the promoters have a total of 30.53%stake in the company as on March, 2011.
Shares of Orchid chemicals & Pharmaceuticals today closed at Rs 248.55 onthe BSE, down 8.69% from its previous close.
Kingfisher Fin, UB Holdings pledgestake
UB Holdings, the holding company of the UB Group that hasinterests in liquor and aviation, pledged all of its 199.59 million shares inthe airline, which is 40.10% of the total number of outstanding shares of thecompany.
Meanwhile, Kingfisher Finvest has pledged its stake of 63.47million shares that amounted to 25% of the total number of outstanding sharesof the company.
The transactions had taken place on June 16, the company said.
UB Holdings had pledged 86 million shares prior to this whileKingfisher Finvest had pledged 61 million shares.
The pledging of shares comes even as Kingfisher's plans to raiseover $250 million through global depository receipts earlier this year havebeen delayed, and a few months after the airline implemented a debt recastplan.
'Promoterspledge stock worth Rs 1.5 tn'
Indian companies have pledged shares worth around Rs 1.5 lakhcrore with lenders in about 782 companies, says a report.
The report by SMC Global Securities comes amid steep fall inshare prices of GTL, GTL Infra and S Kumars Nationwide, following rumours thatlenders are planning to sell pledged shares of these entities.
According to a report by SMC Global Securities, promoters havepledged shares to the tune of Rs 1,53,000 crore in about 782 companies,including biggies like TCS, Adani Power.
"In terms of value of shares pledged, the list is topped byIT giant TCS with about Rs 22,447 crore worth of shares pledged," itadded.
TCS is followed by Adani Power (value of promoters sharespledged is Rs 9,213 crore), Hero Honda (Rs 7,787 crore), Tata Motors (Rs 4,865crore), JP Power Ventures (Rs 4,720 crore).
However, the report said that these firms (TCS, Hero Honda, TataMotors) are fundamentally strong entities and can withstand any margin callscenario.
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