Pradeep Kumar Jain & Sons HUF, one of the main promoters of debt-ridden real estate company Parsvnath Developers, has pledged some of its shareholding in the company to Herald Commerce Ltd.
According to the company, 0.43 per cent (18.7 lakh shares) of the total share capital has been pledged. This promoter category now holds 26.38 per cent of the total shares. With this, Pradeep Kumar Jain & Sons HUF has now pledged almost their entire holding.
Meanwhile, the company on Tuesday reported a 60 per cent fall in net profit for the first quarter of the current fiscal at ₹6.14 crore against ₹15.55 crore in the corresponding quarter last fiscal.
Revenue for the company fell 49 per cent at ₹96.34 crore for the quarter under review against ₹188.86 crore in the corresponding quarter last fiscal. SThe finance costs for the first quarter of this fiscal was ₹44.40 crore, approximately 54 per cent of the total revenue.
The company said that it has, in the first quarter, received bookings for 2.01 lakh sq. ft. of area comprising 0.80 lakh sq. ft. of group housing, 0.26 lakh sq. ft. of commercial and 0.95 lakh sq. ft. of residential plots.
It added that it has offered possession of 6.29 lakh sq. ft. of area comprising 1.06 lakh sq.ft. of group housing and 5.23 lakh sq.ft. of residential plots. On Tuesday, the company’s shares ended 0.76 per cent higher at ₹26.40 on the BSE. The firm also said it would be delisting its shares from the Delhi SE.