Unitech down 5% as founders pledge shares

MUMBAI: Shares of Unitech fell as much as 5 per cent after its founders pledged 49.48 per cent of the company's equity.

A significant portion of the shares have been pledged as additional security for loans taken by the company, it said in a statement. The founders held 64.4 per cent stake in the company.

According to the data made available by Unitech on NSE on Monday, the stake of promoter Ramesh Chandra and family has possibly reduced by 3% since the beginning of this year.

The combined share-holding of Chandra's three investment firms, Prakausali Investments, Mayfair Investments and Mayfair Capital are 3 per cent lower compared to the shareholding as on December 31, 2008.

At 10:50 am, the shares of the real estate developer were down 5.31 per cent at Rs 28.55 on the BSE.