Uttam Galva Steel said the number of company's shares pledged with lenders has come down considerably with 11 of its promoters revoking nearly 10% of the pledged holding.
In a disclosure to the Bombay Stock Exchange, the company said among the 11 promoters, Mr Anuj Miglani and Mr RK Miglani had revoked 1.19% and 0.91% stake respectively.
Among other promoters, Mr Ankit Miglani revoked 0.69% stake, Mr P K Miglani by 0.15%, Ms Neelam Miglani by 0.58%and Mr Nitin Miglani by 0.04%.
Pursuant to the said revocation, the pledged holding of the promoters now stands at 17.71% down from 27.35% of the total share capital of the company in the June quarter.
Mr Ankit Miglani Director (Commercial) of Uttam Galva said that "The stake was pledged as Non-Depository Undertaking with the banks and these shares are now revoked. The amount received out of the share pledge by the promoters had been utilized to fund company's operation.”
(Sourced from http://www.steelguru.com/news/index/2009/09/15/MTExNzU0/Uttam_Galva_promoters_revoke_10pct_of_the_pledged_shares.html
Monday, September 14, 2009
Uttam Galva promoters revoke 10pct of the pledged shares
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