Cholamandalam sells portion of MIC Electronics pledged shares

CHENNAI: Cholamandalam Investment and Finance Company Limited has sold a portion of MIC Electronics Limited shares pledged with it. It has done so in the open market through various bulk deal transactions.

Venkata Ramana Rao, the Chairman and Managing Director of MIC Electronics, had pledged 58.6 lakh shares (representing a fourth of his holding in the company) with Cholamandalam Investment, as per a disclosure made to the stock exchanges. The total number of shares outstanding for the company is 10.24 crore.

Out of the pledged shares, Cholamandalam has sold about 20.55 lakh shares in open market transactions on May 26, June 20 and June 21 and has raised Rs 3.1 crore. Including the pledge with Cholamandalam, Rao has pledged a total of 1.84 crore of his shares (about 84% of his holding of 2.19 crore shares).

At 12:15 PM, MIC Electronics scrip was trading at Rs 13.60. Shares of MIC Electronics have fallen 58.53% so far this year.