ARSS Infrastructure Projects today said it had revoked 6.23% of its shares, worth around Rs 30 crore, from IFCI.
The company focuses on infrastructure construction segment including railway infrastructure, roads, highways, bridges and irrigation projects.
On April 19 this year, the promoters had pledged 9,24,395 shares, representing 6.23% of the share capital, as collateral security with IFCI for securing a Rs 82-crore term loan.
ARSS Chairman Subash Agarwal holds 7.91% stake in ARSS Infrastructure Projects. The shares were revoked on October 28, the release said.
