Shares of Anil Ambani-led Reliance Communications on Monday plunged by over five per cent, after one of its promoters -- AAA Communication Pvt Ltd -- pledged more than one-fifth of its equity in the company.
In a disclosure made to the stock exchanges, Reliance Communication said that one of its promoter entities, AAA Communication Pvt Ltd, has pledged 27.23 crore shares, which account for more than 20 per cent of the overall promoter holding and 13.19 per cent of the company's total equity capital.
Based on the current share price, the pledged shares are worth about Rs 4,684 crore.
The shares were trading at Rs 172.10, down 5.26 per cent on the Bombay Stock Exchange.
As of December quarter, AAA Communication Pvt Ltd held 63.38 per cent stake in the company, while total promoter holding in the company stood at 66.12 per cent. Besides the Anil Ambani family members, the company's promoters also include Reliance Capital, Sonata Investments Ltd, Reliance Innoventures Pvt Ltd, Reliance General Insurance Company.
The disclosure of the pledged shares follows market regulator SEBI's directive which mandates promoters of all listed companies to disclose information about shares pledged by the promoter group.