Press Trust of India / Mumbai Feb 06, 2009, 14:13 IST
GVK Power and Infrastructure today said one of its promoters Vertex Infratech has pledged a 4.37 per cent stake with financial institutions like Axis Bank and IDBI Bank for availing of loans for one of its subsidiaries.
Vertex Infratech has pledged over 6.14 crore shares, representing a 4.37 per cent stake in the company, with Axis Bank and IDBI Bank as collateral security for availing of credit facilities for its subsidiary GVK Airport Holdings, the company said in a disclosure to the Bombay Stock Exchange.
For the quarter ended December 31, 2008, Vertex Infratech held a 5.39 per cent stake, 7.57 crore shares, in GVK Power. Meanwhile, the promoter holding in the company as of the December quarter stood at 60.94 per cent.
This disclosure comes after market regulator Sebi mandated that promoters of listed firms disclose the amount of shares pledged with financial institutions.
However, the share price of the company was not affected by the announcement and was trading in the positive zone. It was quoted at Rs 19.15, up 1.86 per cent on the BSE, and over 22 lakh shares exchanged hands on the bourse.
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