Birla Ericsson promoter pledges shares

Birla Ericsson Optical Limited (BEOL), an M P Birla Group company, on Monday said its co promoter Vindhya Telelinks has pledged 1.25 million shares amounting to 4.17 per cent paid up share capital with State Bank of India.

The fibre optic maker in note to Bombay Stock Exchange said that the shares were pledged to raise working capital credit facilities for Vindhya Telelinks.

The market regulator Securities and Exchange Board of India made disclosure of pledged shares mandatory following the debacle of Satyam Computer Services where the promoters had pledged their stake.