Mumbai: Leading utility vehicle manufacturer Mahindra & Mahindra on Monday said its promoters have pledged 8.09% stake of the company for an undisclosed amount.
In a filing to the Bombay Stock Exchange, the company said that its promoters have pledged over 2.09 crore shares, representing 8.09% stake of the company.
“The amount borrowed have been invested in the purchase through secondary market by the entities through creeping acquisition”, the company said.
Corbel Estate & Investments Private and Azrael Investments have pledged in total over 1.5 crore shares, representing 5.82% stake of the company.
Rest of the promoters have pledged over 58.68 lakh shares, representing 2.27% stake of the company, the filing added.
Shares of Mahindra & Mahindra were trading at Rs315, down 1.85% on the BSE.