Promoters of property developer Housing Development and Infrastructure Limited (HDIL) have revoked all shares earlier pledged with IL&FS Trust Company. The company said the entire promoter holding in the company is non-pledged.
IL&FS Trust Company released 75.4 million shares of promoters, including chairman Rakesh Kumar Wadhawan, today. The released shares in the latest tranche comprises 51.89% of the total shares pledged by promoter group.
Earlier on July 4, 2014, IL&FS Trust Company had released 70 million equity shares, comprising 48.11% of the total pledged shares of promoter group.