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| Tulip Telecom promoters pledge 22.57% stake |
| Press Trust of India / Mumbai Feb 13, 2009, 12:57 IST |
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Tulip Telecom today said four of its promoters have pledged a total of 22.57 per cent stake in the company with lenders.
In a disclosure to the Bombay Stock Exchange, Tulip Telecom said one of its promoter Cedar Infotech had pledged 51.26 lakh shares representing 17.68 per cent stake in the firm, while Hardeep Singh Bedi had pledged over 12.54 lakh shares, or 4.32 per cent stake.
Besides, promoters Maninder Bedi and Deepinder Singh Bedi had pledged over 1.65 lakh shares, or 0.57 per cent stake, and 700 shares representing 0.0024 per cent stake, respectively, in the company.
Estimated on the basis of prevailing market price of Tulip Telecom, the share pledge would have fetched promoters about Rs 250.08 crore.
As of the December quarter, promoters held 68.96 per cent stake in the company.
The disclosure of the pledged shares follows market regulator Sebi's directive, which mandates promoters of all listed companies to disclose information about shares pledged by them.
Shares of Tulip Telecom were trading at Rs 382, up 3.12 per cent on the BSE.
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