Kemrock Ind tanks as promoter pledges majority stake

Kalpesh Patel pledged 3.62 million shares in favor of Sicom, Karvy Financial Services, Prabhudas Liladher, Ess Dee Aluminum and others.

Kemrock Industries and Exports  tanked 20% to Rs 307, its lowest level since July 2009, after the company informed that Kalpesh Mahendrabhai Patel, the promoter of the company, has pledged majority stake to various lenders as part of collateral against company’s borrowings.

Kalpesh Mahendrabhai Patel, the company’s promoter pledged 3.62 million shares representing 71% of his holdings in favor of Sicom, Karvy Financial Services, Prabhudas Liladher, Ess Dee Aluminum and others.

“Kalpesh Mahendrabhai Patel held 5.13 million shares or 25.27% stake in the company, have pledge 17.82% of total share capital with the lenders,” Kemrock said in a filing.

Promoters hold a stake of 27.07% in Kemrock Industries as on June 30, 2012. Foreign institutional investors and domestic institutional investors hold a combined 3.35%, while retail shareholders account for 6.8%. The remaining 62.78% stakes are with the others including foreign corporate bodies and bodies corporate.

 

The stock opened at Rs 387 and has seen a combined 177,137 shares changing hands on the counter till early noon deals on both the exchanges.