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Mumbai: The promoters of Housing Development and Infrastructure Ltd (HDIL) have revoked all shares earlier pledged with IL&FS Trust Co. Ltd.

IL&FS Trust, on Monday, released 7.54 crore of the promoters shares, including those of the firm’s executive chairman, Rakesh Kumar Wadhawan. The released shares in the latest tranche comprise 51.89% of the total shares pledged by the promoters. With this, all the equity shares in the promoters’ category have been released.

IL&FS Trust had released 7 crore equity shares on 4 July, which made up 48.11% of the total pledged shares.

As on 30 June, the promoters held 36.16% in the company.

HDIL’s promoters had pledged their shares as collateral for loans in 2012.

HDIL, a real estate development company, has significant operations in the Mumbai Metropolitan Region. The firm has a land reserve of 245.03 million square feet as on 30 June 2014; 90% of the land reserves are in the Mumbai Metropolitan Region. HDIL is also involved in Slum Rehabilitation Authority projects.

On Monday, HDIL ended at 82.10 on BSE, up 1.17% from its previous close, while India’s benchmark stock index Sensex fell 0.11% to close at 26,597.11 points.

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