Panoramic promoter pledges stake to fund acquisition

IT and hospitality firm Panoramic Universal today said one of its promoters has pledged shares to finance the acquisition of a majority stake in Sri Vatsa Hotels.
    
However, the company did not disclose the number of shares pledged as collateral security by its promoter -- Sudhir Moravekar -- and the amount received therefrom.
    
"Moravekar has pledged his shares in the company for the purpose of executing the transaction of Panoramic Universal with the shareholders of Sri Vatsa Hotels and not for any personal benefit or gain," the IT firm said in a filing to the Bombay Stock Exchange.
    
Last year, the city-based firm had acquired 51 per cent stake Sri Vatsa Hotels, with an agreement to acquire the remaining 49 per cent in phased manner through share purchase.
    
"... Moravekar has pledged equity shares held by him in the company with the Escrow Agent as security for payment of the said amounts by Panoramic Universal," the filing added.
    
As of the December quarter, eight promoters held a total of 74.40 per cent stake in Panoramic, in which Moravekar's holding was 49.78 per cent.
    
"None of the balance shares of Moravekar are pledged to any bank or financial institutions," it added.
    
Panoramic Universal was trading at Rs 213, up 0.31 per cent in the afternoon trade on the BSE.