Godrej Ind pledged 38% of its holding in Godrej Consumer

MUMBAI: FMCG firm Godrej Consumer Products today said one of its promoters Godrej Industries has pledged 38 per cent of its holding in the company to JP Morgan Security.

Godrej Industries, which holds over 5.18 crore shares representing 20.13 per cent stake in GCPL, has pledged 1.95 crore shares or 37.63 per cent of its holding with JP Morgan Security India, GCPL said in a regulatory filing to the stock exchanges.

Meanwhile, the pledged shares constitute 7.78 per cent of the company's total share capital of over 25.74 crore shares.

On October 21, 2008, GIL had entered into a loan agreement with JP Morgan Security India and appointed IDBI Trusteeship Services as security trustee, the filing added.

The disclosure of pledged shares by Godrej Industries come following the market regulator SEBI asking promoters of listed companies to disclose the amount of shares pledged with lenders.

The regulator's announcement on disclosure of pledged shares comes in the wake of the Satyam scam, wherein promoter Ramalinga Raju had pledged nearly all his shares -- whose prices he had inflated by falsifying profits.