Gujarat NRE promoters pledge 15.96 pc stake

Coking coal manufacturer Gujarat NRE Coke on Monday said five of its promoters have pledged 15.96 stake of the company for an undisclosed amount.

Five of the company's promoters have pledged 75,309,956 shares representing 15.96 per cent stake, Gujarat NRE Coke said in a filing to the National Stock Exchange.

Mangaldeep Tradelink has pledged 11,900,000 shares representing 2.52 per cent stake for security against borrowing of Gujarat NRE Coke, Marley Foods has pledged 23,069,956 shares that is 4.89 per cent stake and Prince Dealcom has pledged 1.06 per cent stake or 14,000,000 shares of the company, the filing added.

Further, Arun Kumar Jagatramka has pledged 50,00,000 shares representing 1.06 per cent stake and Vartika Traders has pledged 4.54 per cent stake or 2.13 crore shares for securing the borrowings of Vartika Traders, it added.

The disclosure of pledged shares by Gujarat NRE follows market regulator Sebi asking promoters of the listed companies to disclose the amount of shares pledged with lenders.

The regulator's announcement 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.