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Nagarjuna Fertilisers and Chemicals Ltd (NFCL) today said two of its promoters have bought back the company's 1,51,00,459 shares that were pledged with institutions.
In a disclosure to the Bombay Stock Exchange (BSE), NFCL said that Nagarjuna Management Services Pvt Ltd (NMSPL) has revoked a total of 1,30,27,934 shares, of the 8,25,34,674 shares pledged.
In a separate filing to the BSE, NFCL said that Nagarjuna Holdings Pvt Ltd (NHPL) has revoked 20,72,525 shares, of the 3,17,75,149 shares pledged.
At the end of the March quarter, NMSPL and NHPL held 20.57 per cent and 7.99 per cent stake, respectively in NFCL.
According to SEBI norms, it is mandatory for promoters to report pledging of shares to raise funds. The promoter group typically has to disclose the details to shareholders and to stock exchanges.
Shares of NFCL today closed at Rs 35.55, down by 0.71 per cent from its previous close at the BSE.
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