Bodal Chemicals hits record high as bankers sanction for release of pledged shares

The stock moved up by 5% to its record high of Rs 99.30 on the BSE.

Bodal Chemicals has moved up by 5% to its record high of Rs 99.30 on the BSE after the company announced that it has received sanction from both the bankers i.e. Union Bank of India (UBI) and Bank of India (BOI), for release of promoters and promoter group shares holding which were pledged with UBI and BOI as collateral security.

After this, the pledge share holding of promoters and promoters group will become “Zero” and hence, no shares will remain pledged,” Bodal Chemicals said in a press release.

The formalities and process for release of pledge shares from the both the bankers will start by the company in short period of time, it added.

As of March 2016, the promoters held 64.79 million equity shares (59.38% stake) in Bodal Chemicals, of which 50.36 million shares were pledged, the shareholding data shows.

The company is engaged in the manufacture of dyes and dye intermediates.

At 12:47 PM, the stock was up 3.3% at Rs 97.50 on the BSE. The trading volumes on the counter more than doubled with a combined 2.86 million shares changed hands on the BSE and NSE so far.