Infrastructure products maker Bihar Tubes today said its six promoters have pledged over 11 per cent stake with lenders.
In a disclosure to the Bombay Stock Exchange, Bihar Tubes said, one of its promoter APL Infrastructure has pledged 16.51 lakh shares representing 8.13 per cent stake in the company.
While another promoter Saroj Rani Gupta has pledged 3.5 lakh shares or 1.72 per cent stake in Bihar Tubes.
Besides, four other promoters have pledged in total 1.22 per cent stake in the company with lenders, it added.
Estimated on the basis of prevailing market price of Bihar Tubes, the share pledge would have fetched promoters about Rs 8.34 crore.
The promoters pledged the shares with bank as securities to avail cash credit loans from bank, the filing added.
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As of September quarter promoters held 30.36 per cent stake in the company.
The disclosure of the pledged shares follows market regulator Sebi's directive which mandates promoters of all listed companies to disclose information about shares pledged by the promoter group.