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GVK Power promoter pledges 4.37% stake with Axis, IDBI Bank

GVK Power promoter pledges 4.37% stake with Axis, IDBI Bank
PTI
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First Published: Fri, Feb 06 2009. 03 55 PM IST
Updated: Fri, Feb 06 2009. 03 55 PM IST
Mumbai: GVK Power and Infrastructure on Friday said one of its promoters Vertex Infratech Private Ltd has pledged a 4.37% stake with financial institutions like Axis Bank and IDBI Bank for availing of loans for one of its subsidiaries.
Vertex Infratech has pledged over 6.14 crore shares, representing a 4.37% stake in the company, with Axis Bank and IDBI Bank as collateral security for availing of credit facilities for its subsidiary GVK Airport Holdings Pvt Ltd, the company said in a disclosure to the Bombay Stock Exchange.
For the quarter ended 31 December, 2008, Vertex Infratech Pvt Ltd held a 5.39% stake, 7.57 crore shares, in GVK Power. Meanwhile, the promoter holding in the company as of the December quarter stood at 60.94%.
This disclosure comes after market regulator Sebi mandated that promoters of listed firms disclose the amount of shares pledged with financial institutions.
However, the share price of the company was not affected by the announcement and was trading in the positive zone. It was quoted at Rs19.15, up 1.86% on the BSE, and over 22 lakh shares exchanged hands on the bourse.
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First Published: Fri, Feb 06 2009. 03 55 PM IST