Bajaj Auto promoters pledge 2.57 pc stake | autos | Hindustan Times
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Bajaj Auto promoters pledge 2.57 pc stake

Two- and three-wheeler maker Bajaj Auto on Tuesday said that four of its promoters have pledged a 2.57 per cent stake of the company for an undisclosed amount.

autos Updated: Feb 10, 2009 14:59 IST

Two- and three-wheeler maker Bajaj Auto on Tuesday said that four of its promoters have pledged a 2.57 per cent stake of the company for an undisclosed amount.

In a filing to the Bombay Stock Exchange, the company said that four of its promoters have pledged 3,723,961 shares representing a 2.57 per cent stake in the company.

Jamnalal Sons has pledged a 2.33 per cent stake representing 3,376,111 shares, Baroda Industries 0.14 per cent representing 2,02,000 shares and Bachhraj Factories a 0.10 per cent stake representing 1,45,000 shares of the company.

Further, Mukand Global Finance has pledged its entire stake, that is 850 shares of the company, the filing added.

The disclosure of pledged shares by Bajaj Auto comes following the market regulator SEBI asking promoters of the listed companies to disclose the amount of shares pledged with lenders.

The regulator’s announcement comes in the wake of the Satyam scam, wherein promoter Ramalinga Raju had pledged nearly all his shares -- whose prices he had inflated by falsifying profits.

Shares of Bajaj Auto were trading at Rs 470.25, up 2.34 per cent on the BSE.

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