Rain Commodities today said that a promoter group firm Focus India Brands had pledged its entire over 25.3 million shares, which is worth 7.15% stake in the former, to IL&FS Financial Services.
"Focus India Brands informed... They have created pledge in favour of IL&FS Financial Services on 2,53,16,465 equity shares, representing 7.15% of the total paid-up equity share capital of the company," Rain Commodities said in a filing to the Bombay Stock Exchange.
Rain Commodities and its group companies is engaged in the production of cement, calcined petroleum coke and power.
Focus India had 7.15% stake in Rain Commodities and it has pledged entire shares. Promoters have 42.48% stake in the company.