In another case of pledged shares being sold off, Punjab National Bank (PNB) disposed of shares of Chennai-based entertainment major Pyramid Saimira Theatre, which were pledged with the bank.

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According to a disclosure made to the Bombay Stock Exchange (BSE) today, a total of 17,07,000 shares comprising a 6.037 per cent stake in Pyramid Saimira were sold off through an off-market sale. The sales happened between December 20 to December 31, 2008.

“We are entering a busy season where many films are being lined up for release. We believe that these will infuse and unlock huge liquidity to the company. Thus, I had to ensure that there are no constraints to the company’s liquidity during this period. This is why I decided to transfer certain shares and requested PNB to sell the same for short term loans that the company had taken," Pyrmaid Samira Group Director P Saminathan had said earlier in an interview.

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