Asian Paints hits new high as promoters release pledged shares

The promoters released 25,000 equity shares pledged with Deutsche Bank on March 7, 2013.

Asian Paints is trading higher by about 3% to Rs 4,915, also its new high on BSE, after the paint maker said that its promoters released part of pledge shares lying with lenders in last week.

The stock has opened at Rs 4,781 and has seen a combined 99,352 shares have changed hands on the counter so far on BSE and NSE.

“Ashwin Ramanlal Gandhi along with Ashwin Chimanlal Choksi and Ina Ashwin Dani has collectively released 25,000 equity shares pledged with Deutsche Bank on March 7, 2013,” Asian Paints said in a BSE filing.

At the end of December quarter, the promoters held 50.6 million total shares or 52.79% stake in Asian Paints, out of which 8.94 million shares or 17.67% were pledged.

The promoters have released a total 705,500 pledge shares since January this year from various lenders including L&T Finance, Kotak Mahindra Investments, IDBI Trusteeship Services and Aditya Birla Finance.

Meanwhile, the stock has outperformed the market by gaining 10.3% compared to a mere 0.57% rise in benchmark Sensex so far in the current calendar year 2013.