Manufacturer of electrical laminations Bilpower today said one of its promoters has pledged over 11 per cent of his holding to financial institutions for raising loans.
Its promoter -- R K Choudhary -- HUF has pledged 11.60 lakh shares representing 11.05 per cent of the paid up capital of the company, Bilpower said in a regulatory filing to the Bombay Stock Exchange.
The company had pledged the securities against bank limit to the company and its subsidiary firm, the filing added.
As of December quarter Rajendra Kumar Choudhary - HUF represents 13.62 lakh shares or 12.98 per cent in Bilpower, as per data available on the BSE website.
The disclosure of pledged shares by Bilpower comes following the market regulator Sebi asking promoters of the listed companies to disclose the amount of shares pledged with lenders.
The regulator's announcement comes in the wake of the Satyam scam, wherein promoter Ramalinga Raju had pledged nearly all his shares -- whose prices he had inflated by falsifying profits.
Shares of Bilpower were trading at Rs 112.15, up 2.28 per cent in the afternoon trade on the BSE.