Two promoters pledge 10.53% stake of Tata Comm

Two promoters pledge 10.53% stake of Tata Comm
PTI
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First Published: Wed, Feb 11 2009. 02 32 PM IST
Updated: Wed, Feb 11 2009. 02 32 PM IST
Mumbai: Telecom major Tata Communications on Tuesday said that two of its promoters have pledged a 10.53% stake in the company with lenders.
The estimated worth of the three crore Tata Comm shares pledged by the two promoters comes to about Rs1,329.65 crore.
Tata Communications is the latest Tata Group company to disclose the promoter pledging of shares after Tata Steel, Tata Motors, Tata Teleservices (Mah), Tata Coffee, Tata Power and Indian Hotels Company.
Thus, the promoters of the seven Tata Group companies have pledged shares close to 118 crore in all, with an estimated value of Rs8,830 crore.
Tata Sons, one of the promoters of the company, has pledged two crore shares, representing a 7.02 % stake, in the company, Tata Communications said in a disclosure to the Bombay Stock Exchange.
Meanwhile, a Tata Sons spokesperson said that the pledging of shares in various Tata Group firms “is not a new practice; it has been existing since the age of joint stock companies. It has been done primarily for long-term funding requirements of Tata Sons.”
Estimated on the basis of yesterday’s closing price of Tata Communications, the value of the pledged shares by Tata Sons stands at Rs901.50 crore.
Another promoter, Pantone Finvest Ltd, has pledged one crore shares, constituting a 3.51% stake in the company, on 2 February, the filing added.
The value of the shares pledged by Pantone stands at Rs428.15 crore as per the closing price of the stock on February.
Shares of Tata Communications were trading at Rs 440, down 2.32 % on the BSE.
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First Published: Wed, Feb 11 2009. 02 32 PM IST