Pharmaceutical firm Strides Arcolab today said one of its promoters Arcolab India has pledged 4.76 per cent stake in the company.
Arcolab India, a promoter entity of the company, has pledged 19.06 lakh shares (worth Rs 13.20 crore), representing 4.76 per cent stake in the firm, on February 28 this year, Strides Arcolab said in a filing to the Bombay Stock Exchange.
"These shares were pledged as collateral for the borrowing by Strides Arcolab," it further said.
At the end of the December quarter, Arcolab India held a 4.78 per cent stake in the company.
Calculated on Stride Arcolab's market price on February 27, the pledged shares may have fetched an amount of Rs 13.20 crore to the promoter.
Shares of Strides Arcolab today settled at Rs 63, down 6.04 per cent on the BSE.
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