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Bajaj Auto promoters pledge 2.57% stake

Bajaj Auto promoters pledge 2.57% stake
PTI
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First Published: Tue, Feb 10 2009. 02 30 PM IST
Updated: Tue, Feb 10 2009. 02 30 PM IST
Mumbai: Two- and three-wheeler maker Bajaj Auto on Tuesday said four of its promoters have pledged a 2.57% stake of the company for an undisclosed amount.
In a filing to the Bombay Stock Exchange, the company said four of its promoters have pledged 37,23,961 shares representing a 2.57% stake in the company.
Jamnalal Sons has pledged a 2.33% stake representing 33,76,111 shares, Baroda Industries 0.14 % representing 2,02,000 shares and Bachhraj Factories a 0.10% stake representing 145,000 shares of the company.
Further, Mukand Global Finance has pledged its entire stake, that is 850 shares of the company, the filing added.
The disclosure of pledged shares by Bajaj Auto comes following the market regulator Securities and Exchange Board of India 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 Bajaj Auto were trading at Rs470.25, up 2.34% on the BSE.
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First Published: Tue, Feb 10 2009. 02 30 PM IST