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Godrej Industries pledges 7.78% stake in Godrej Consumer

Godrej Industries pledges 7.78% stake in Godrej Consumer
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First Published: Fri, Jan 23 2009. 03 51 PM IST
Updated: Fri, Jan 23 2009. 03 51 PM IST
Mumbai: Godrej Consumer Products Ltd has said that one of its promoters, Godrej Industries has taken a loan from JP Morgan Security India Pvt Ltd by pledging 7.78% of its stake in the company.
Godrej Industries Ltd has pledged 19.5 million shares to avail of the loan facility, it said.
Godrej Industries owns 20.13% in the consumer products maker, Godrej Consumer said in a filing to the stock exchange.
India’s capital markets regulator has said that it would make it mandatory for founders of companies to disclose their pledged shares, after a massive fraud at Satyam Computer Services.
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First Published: Fri, Jan 23 2009. 03 51 PM IST