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Ucal promoters raise funds from IL&FS
Chennai, April 15
The promoters of Ucal Fuel Systems Ltd have pledged 18 lakh shares of the company, amounting to 12.95 per cent of the equity, with IL&FS Financial Services Ltd. An announcement was made to the National Stock Exchange about the transaction. While the announcement does not mention who pledged the shares, it is learnt upon enquiry that it is Carburettors India Ltd, the company that promoted Ucal Fuel Systems Ltd. It is further learnt that the shares have been pledged to r
aise money to pay off Ucal Fuel’s Japanese collaborator, Mikuni Corporation. It was announced last week that Carburettors India and Mikuni were parting ways. Today’s NSE announcement does not mention the consideration. However, sources said that the pledge would fetch enough money to pay Mikuni the agreed consideration of Rs 7.2 crore.
– Our Bureau
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