Telecom firm Tulip Telecom's Chairman and Managing Director HS Bedi has pledged 2.3 million equity shares to three different finance companies over a period of two days.
Bedi pledged total of 1.2 million shares with ECL Finance, 6,00,000 with Religare Finvest on December 27 and 28 respectively, shows a filing made by company on the Bombay Stock Exchange (BSE) today.
The filing showed that Bedi pledged 2,00,000 shares in favour of STCI Finance on December 27 and 3,00,000 shares with Cholamandalam Investment and Finance Company.
With this pledges, share holding of Bedi reduced 1.59% from 25.8% to 24.21% in the company.
Shares of Tulip Telecom today closed at Rs 105, down by 3.09% compared to its previous close on the BSE.