Real estate developer Ansal Properties & Infrastructure on Thursday said its ten promoters have pledged over 29 per cent stake in the company to three financial institutions, including HDFC and IL & FS Ltd.
In a disclosure to the Bombay Stock Exchange, Ansal Properties & Infrastructure said ten of its promoters, including its Vice Chairman and MD Pranav Ansal have pledged 3.30 crore shares representing 29.11 per cent with HDFC Ltd, IL&FS and Indiabulls Financial Services.
According to the disclosure, the promoters of the company have pledged over 1.82 crore shares, or 16.07 per cent of the total shares, with IL&FS to secure borrowings made by the realty developer.
Further, 1.43 crore shares representing 12.60 per cent have been pledged with the HDFC Ltd, it said.
Besides, five lakh shares have been pledged with Indiabulls Financial Services, the company added.
As of December quarter, the promoters held 64.15 per cent stake in Ansal Properties and Infrastructure. Pranav Ansal, who held over 1.13 crore shares, has pledged 20 lakh shares representing 1.76 per cent of the total shares of the company.
The share pledge disclosure follows market regulator SEBI's directive which says the promoters of listed companies have to disclose their pledging details.
Shares of Ansal Properties & Infrastructure today closed at Rs 30.05, up 2.91 per cent on the BSE.