Non-bank lender STCI Finance has invoked 1,76,000 shares in Bhushan Steel that were pledged by Bhushan Infrastructure in order to overcome losses from fall in stock prices in the last one week.
STCI Finance has invoked 1,76,000 shares, amounting to 0.04 per stake in the company, totalling to Rs 1.55 crore, Bhushan Steel said in a filing to the stock exchange.
As per the filing, 96,000 shares were pledged by Bhushan Infrastructure in favour of STCI Finance, on February 23 and 80,000 shares on February 24, last month.
The shares of Bhushan Steel were trading at Rs 88, up 1.27 per cent on the BSE.
