Mumbai: The Maharashtra government’s lending institution Sicom has acquired over 0.27% stake in Parsvnath Developers following the invocation of shares pledged by one of the realty firm’s promoters with the lender.
In a disclosure to the Bombay Stock Exchange, Parsvnath said Sicom has invoked 5 lakh shares pledged with it by Parsvnath chairman and executive director Pradeep Kumar Jain.
“There is no actual sale of shares but consequent up on the invocation of pledged shares, the shares got transferred from Jain to Sicom,” it added.
Overall, Jain has pledged 3.10 crore shares representing 16.80% stake in the company, while all the promoters have cumulatively pledged close to 64% of the equity capital of Parsvnath.
Jain, who held 24.76% stake in Parsvnath, is now left with 4.52 crore shares representing 24.49% stake in the company.
Jain had pledged the shares towards additional security for the loan availed by Parsvath Associates, one of the promoters of the company, the filing added.
Shares of Parsvnath settled at Rs34.85, down 2.65% on the BSE.