Ansal API's shares pledge down

Shares pledged by promoters have come down from 60% to 46%

Real estate company Ansal API today said it has obtained release of 10 million shares which were pledged with various financial institutions/banks during December 2012. Consequently, the shares pledged by promoters have come down from 60% of total shares (reported in October 2012) to 46% as on date, the company said in a statement.

The pledging has come down "mainly due to combination of repayment of corporate loans, substitution of high interest corporate loans with project specific loan/equity and creeping activity of shares by the company," it said.