BackUnitech promoters pare stake in June quarter
Promoter group stake in the firm fell to 32.61% in the June quarter compared with 45.54% in the March quarter
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Mumbai: Promoter holding in Unitech Ltd fell sharply in the quarter ended June 2015, according to the shareholding pattern released by the company to exchanges on Tuesday.
Promoter group stake in Unitech Ltd fell to 32.61% in the June quarter compared with 45.54% in the March quarter.
Promoter entities Mayfair Capital Pvt. Ltd and Indrus Countertrade Pvt. Ltd cut their holding by 12.73 percentage points and 0.2 percentage points, respectively, during the June quarter. Currently, Mayfair Capital and Indrus Countertrade holds 19.18% and 2% stake, respectively, in the company.
Part of this could be on account of pledged shares being invoked, as shares pledged by promoters came down to 86.47% at the end of the June quarter compared with 90.32% at the end of the March quarter.
The shareholding data also shows that the foreign and domestic institutional investors raised their bets on the stake in the company. FIIs held 19.69% stake in the June quarter, up from 18.95% in the March quarter. Domestic institutions hold 3.26% stake in the company now compared with 1.94% stake earlier.
At 10.04am, Unitech Ltd was trading at ₹ 7.03 on BSE, up 0.43% from its previous close, while India’s benchmark Sensex rose 0.29% to 28,265.26 points.
The stock, however, has taken a beating since the start of the year, having fallen 57% year-to-date. As of March 2015, Unitech had a consolidated debt of ₹ 3,800 crore.
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