IRB Infrastructure Developers' move to revoke pledged shares boosted its share prices in today's trade

The stock jumped 5.16 per cent to close at Rs 187.40. About 9.55 lakh shares changed hands on the BSE against the two-week average of 2.62 lakh shares.

Mr Dattatraya P. Mhaiskar has redeemed 77.88 lakh shares, reducing the quantum of his pledged shares to 2.15 crore shares. His total pledged shares are now 73.25 per cent of his total holding and 6.48 per cent of the total equity of the firm.

Ideal Toll & Infrastructure, another promoter, has also revoked 25.64 lakh shares, reducing its portion of pledged shares to 1.98 crore shares. The total shares pledged by Ideal Toll & Infrastructure now amount to 77.32 per cent of its total holding and 5.96 per cent of the total equity of the firm.

Similarly, Mr D.S. Kulkarni also announced redemption of pledged shares by the promoters. The stock gained marginally by 0.6 per cent to Rs 63.50.

According to the announcement, Ms J.D. Kulkarni revoked 30,000 shares, bringing down the total number of pledging of shares to 3.7 lakh (50.51 per cent of her stake). She currently owns 7.32 lakh shares in the company.

Of late, stocks of companies, in which promoters have pledged shares with financial institutions, have seen selling bouts as investors feared these stocks could face strong pressure if the prices fell below the threshold limit of the financial institutions.

According to a Business Line study, promoters of more than 125 companies have pledged over 75 per cent of their stake with the financial institutions to raise funds.

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