Strides Arcolab gains as promoters release pledge shares
The promoters have released 2.1 million shares out of 3.98 million shares which were pledge with Housing Development Finance Corporation.
Strides Arcolab has moved higher by 4.5% to Rs 908 after the company said that its promoters have released more than two million pledge shares lying with lenders.
“The promoters have released 2.1 million shares out of 3.98 million shares which were pledge with Housing Development Finance Corporation (HDFC) on March 28,” Strides Arcolab said in a disclosure to the BSE.
At the end of December quarter, the promoters held 16.17 million total shares or 27.51% stake in Strides Arcolab, out of which 7.2 million shares or 44.53% were pledged.
The stock opened at Rs 870 and touched low of Rs 865 on BSE. As many as a combined 395,463 shares have already changed hands on the counter so far against an average around 300,000 shares that were traded daily in past two weeks.
“The promoters have released 2.1 million shares out of 3.98 million shares which were pledge with Housing Development Finance Corporation (HDFC) on March 28,” Strides Arcolab said in a disclosure to the BSE.
At the end of December quarter, the promoters held 16.17 million total shares or 27.51% stake in Strides Arcolab, out of which 7.2 million shares or 44.53% were pledged.
The stock opened at Rs 870 and touched low of Rs 865 on BSE. As many as a combined 395,463 shares have already changed hands on the counter so far against an average around 300,000 shares that were traded daily in past two weeks.