Mumbai: Media firm Network 18 Media & Investments said one of its promoters Raghav Bahl has pledged 15.2% stake with State Bank of India and Sicom for a loan of Rs94 crore.
The company said Bahl has pledged in total 9.39 lakh shares, representing 15.2% stake. The promoter has pledged 10.35 lakh shares, or 1.58%, with Sicom for an existing loan of Rs19 crore availed by Network 18 India Holdings due to be repaid on or before 2 June.
Also See Pledging of shares (PDF)
He also pledged 83.55 lakh shares, representing 13.62% stake, of the company with SBI for an existing loan of Rs75 crore availed by TV Eighteen India Ltd, the statement stated. Shares of the company were trading at Rs84.75, up 0.83% on the BSE.
In another development, Educomp Solutions Ltd denied that its founders have pledged shares to financial institutions or any individual. Last month, corporate affairs minister, Prem Chand Gupta said that the government would look into reports alleging accounting fraud in the company.