Aanjaneya Lifecare hits new low as lenders invoke additional shares

Aanjaneya Lifecare is locked in lower circuit of 5% at Rs 87.80, also its lifetime low on BSE, after the company said its lenders have invoked additional pledged shares in the open market.

The stock of pharmaceutical company has frozen maximum down limit of circuit breaker for 31 consecutive trading days with no buyers seen on the counter. The stock has tanked 88% from Rs 719 on February 22, compared to 5.3% fall in benchmark Sensex during the same period.

“Lenders have invokes 530,000 equity shares or 3.82% stake of the company between March 4, 2013 and April 5, 2013,” Aanjaneya Lifecare said in a disclosure made on BSE.

Earlier, between February 26 and 28, the lenders had invoked 724,000 pledge shares representing 5.21% stake of the company in the open market.

Meanwhile, Finaventure Capital Limited, one of the promoter’s, total holding in the company has declined by almost 10 percentage points in past three-and-half months. Finaventure Capital Limited held 32.71% stake in the company at the end of December quarter currently stand at 22.70%.

The decline in holding is due to invocation of shares pledged by lenders and open market sale by the promoters, the company said.