Andhra Cements, part of the Jaypee group, today said one of its promoters has pledged 37.84 per cent stake in the firm with various banks and lenders through a security trustee.
In a BSE filing, Andhra Cements said its promoter Jaypee Development Corporation Ltd has pledged 37.84 per cent stake in the firm with Axis Trustee Services Ltd (Security Trustee) on behalf of IDFC, HDFC Bank, Andhra Bank, Karur Vyasa Bank, and lenders of the company on June 4.
The promoter holds 68.79 per cent stake in Andhra Cements and of this it has pledged a total of 37.84 per cent stake, the filing added.
The firm said the promoter released 33 per cent stake in Andhra Cements, which was held by IDFC Ltd (Security Trustee) on behalf of IDFC and HDFC and lenders of the company.
"The said pledge has released on June 4, 2015 for the limited purpose of creation of pledge in favour of Axis Trustee Services Ltd (Security Trustee) on behalf of ....," the filing added.
Shares of Andhra Cements today fell by 1.08 per cent to settle at Rs 7.34 apiece on BSE.
