Unitech promoters revoke pledged shares

MUMBAI: Realty firm Unitech said on Monday that its promoters have revoked over five crore shares pledged with lenders, bringing down the total pledged stake to 24.42 per cent.

In a disclosure to the National Stock Exchange, the company said three of its promoters - Mayfair Investments, Prakausali Investments and Mayfair Capital - have revoked a total 5,08,56,963 pledged shares, representing 3.19 per cent of the share capital of the company.

While Mayfair Investments have revoked 85,45,743 shares, Prakausali Investments have revoked 3.10 crore shares and Mayfair Capital its entire holding of 1.13 crore shares in the company.

As of March quarter, the promoters held a 64.52 per cent stake in the company. The founders had pledged about 80.83 crore shares or 49.79 per cent stake, as per information available on the bourse.

Following the revocation, the total pledged stake has come down to 24.42 per cent, the filing said.

Shares of Unitech closed at Rs 77.65, down 3.24 per cent on the BSE.