Cranes Software promoters pledge 27% stake

Cranes Software International today said five of its promoters have pledged 27 per cent stake in the company with lenders.

In a disclosure to the Bombay Stock Exchange, the software solutions provider said one of its promoters, Asif Khader, has pledged 1.04 crore shares and another promoter Mukkaram Jan has pledged 75.50 lakh shares of the company.

Besides, K&J Holdings, Sea Equity Enterprises and Jensons Telecom have pledged 44.30 lakh, 65 lakh and 30 lakh shares, respectively in the Bangalore-based software firm.

The company said that of the entire stake pledged, 25 per cent is for obtaining credit facilities.

"The aforesaid shares, except two per cent are pledged as collateral security for credit facilities obtained by Cranes Software, to fund its acquisitions in line with its business model," it said.

As of December quarter, eight promoters held a combined 37.67 per cent stake in Cranes Software.

The disclosure follows market regulator Sebi's mandate that listed companies should disclose information about shares pledged by the promoter group.

Sebi has mandated the disclosure of the pledged share as part of their quarterly earnings from March quarter onwards.