Telecom major Tata Communications today said that two of its promoters have pledged a 10.53 per cent stake in the company with lenders.
The estimated worth of the three crore Tata Comm shares pledged by the two promoters comes to about Rs 1,329.65 crore.
Tata Communications is the latest Tata Group company to disclose the promoter pledging of shares after Tata Steel, Tata Motors, Tata Teleservices (Mah), Tata Coffee, Tata Power and Indian Hotels Company.
Thus, the promoters of the seven Tata Group companies have pledged shares close to 118 crore in all, with an estimated value of Rs 8,830 crore.
Tata Sons, one of the promoters of the company, has pledged two crore shares, representing a 7.02 per cent stake, in the company, Tata Communications said in a disclosure to the Bombay Stock Exchange.
Meanwhile, a Tata Sons spokesperson said that the pledging of shares in various Tata Group firms "is not a new practice; it has been existing since the age of joint stock companies. It has been done primarily for long-term funding requirements of Tata Sons".
Estimated on the basis of yesterday's closing price of Tata Communications, the value of the pledged shares by Tata Sons stands at Rs 901.50 crore.
