 "Macquarie Finance acquires 5.43% stake in Gitanjali Gems")
Macquarie Finance (India) has acquired 5.43% of stake Gitanjali Gems through invocation of 50 lakh pledged shares, worth Rs 106 crore at current market price.
In a filing to the BSE, Gitanjali Gems said Macquarie Finance (India) Private Limited (MFIPL) has invoked pledged 50 lakh shares in last two trading sessions
"On June 28, MFIPL invoked pledge over shares acquiring title to a total of 30 lakh shares. On July 1, MFIPL invoked pledge over shares of acquiring title to a total of 20 lakh shares," the filing added.
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Pledged shares are generally invoked, when a borrower faced with a steep fall in share price, is not able to deposit additional margin with the lender.
The shares of the company fell by 4.98% to settle at Rs 213.50 on the BSE.
As on March 2013, the promoters which held 59.44% in the company have pledged 34.96% of their holdings with the lenders. Macquarie Bank Ltd had 2.8% stake in Gitanjali Gems.