Chennai firms’ promoters pledge shares

Chennai firms’ promoters pledge shares

Chennai: The promoters of two Chennai-based companies, Hatsun Agro Products Ltd and Rane Holdings Ltd, have pledged part of their shareholdings with financial institutions, the companies informed the Bombay Stock Exchange (BSE) on Wednesday.

R.G. Chandramogan, chairman and managing director of Hatsun Agro Products, makers of Arun ice-creams and other brands of dairy products, pledged three million shares on 8 August, taking the total number of shares pledged by him to nearly 12.8 million.

Over the next two days, however, he revoked pledges on slightly more than three million shares. The transactions were the result of adjustments following the repayment or rolling over of previous loans taken to facilitate business operations, the company’s chief financial officer S. Subramanian said.

At the end of the exercise, about 48% of Chandramogan’s stake in the company, and 27% of the company’s outstanding shares, remained pledged.

The promoters of automotive component maker Rane Holdings, L. Ganesh and L. Lakshman, together pledged 461,000 shares, or about 36% of their stake in the company, on 10 August. The pledge is just about 3% of Rane Holdings’ outstanding shares.