Leading utility vehicle manufacturer Mahindra & Mahindra today said its promoters have pledged 8.09 per cent stake of the company for an undisclosed amount.
In a filing to the Bombay Stock Exchange, the company said that its promoters have pledged over 2.09 crore shares, representing 8.09 per cent stake of the company.
"The amount borrowed have been invested in the purchase through secondary market by the entities through creeping acquisition", the company said.
Corbel Estate & Investments and Azrael Investments have pledged in total over 1.5 crore shares, representing 5.82 per cent stake of the company.
Rest of the promoters have pledged over 58.68 lakh shares, representing 2.27 per cent stake of the company, the filing added.
Shares of Mahindra & Mahindra were trading at Rs 315, down 1.85 per cent on the BSE.