The promoters of Unitech Ltd have pledged over 15 crore shares, equal to 5.85 per cent stake in the country's second largest realty firm, to IL&FS.
"15,30,75,000 equity shares of Unitech Ltd have been pledged with IL&FS Trust Company Ltd in capacity of debenture trustee for debenture issued by Harsil Projects Pvt Ltd," the company said in a filing to the Bombay Stock Exchange.
Harsil Projects Ltd, which is a promoters' entity, had pledged these shares on March 18. Promoters pledge their shares to financial institutions as a collateral against debt.
According to company sources, the percentage of shares pledged by promoters has reduced marginally to 33.06 per cent on March 31, 2011, as against 33.21 per cent on December 31, 2010, as the company has reduced its net debt from Rs 4,600 crore as at the end of third quarter of last fiscal.
The promoters currently have about 48 per cent stake in Unitech.
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