Mumbai: Tata Coffee on Tuesday said its main promoter Tata Tea Limited has pledged more than half of its stake for an undisclosed amount.
Tata Tea has pledged 107,35,982 shares representing 57.48% stake in the company, Tata Coffee said in a filing to the National Stock Exchange.
The disclosure of pledged shares by Tata Coffee 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 Tata Coffee were trading at Rs150, down 1.28% on the NSE.