Sun Pharma promoter firm pledges 1 cr shares to SBI

Sun Pharmaceutical Industries today said Virtuous Finance, part of the promoter group has pledged one crore shares of the company amounting to 0.42 per cent stake to State Bank of India.

The shares were pledged on August 11, 2016 as "security" for loan provided by the bank for working capital to Suzlon Energy and its designated subsidiaries, Sun Pharma said in a filing to BSE.

Virtuous Finance has 4.03 per cent of the total share capital in Sun Pharma, it added.

In February 2015, Dilip Shanghvi Family and Associates (DSA) had signed definitive agreements with Suzlon Energy for equity investments of Rs 1,800 crore for a 23 per cent stake in the wind turbine maker.