Unitech promoters pledge 24 pc stake

MUMBAI: Real estate firm Unitech today said two of its promoters firms, Prakausali Investments (India) and Mayfair Investments, have pledged equity shares equivalent to a 24 per cent stake in the construction firm.

However, the company did not specify whether the shares were pledged to banks or financial institutions.

Prakausali Investments (India) and Mayfair Investments have pledged a 19.88 per cent and 4 per cent stake, respectively, Unitech informed the Bombay Stock Exchange in a regulatory filing.

Firms usually pledge equity shares as collateral to raise working capital or avails loans when normal credit facilities are unavailable to them.

Shares of the company closed at Rs 66.55 on the BSE today, up 0.53 per cent from the previous close.