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Metkore Alloys & Industries has informed the exchanges that Cronimet Mercon Invest, one of the promoter group entities, has effected pledge of 45 lakh shares of the company to Bhuma Infrastructure Pvt Ltd. The pledging has been done by way of transfer of shares for raising a loan against the shares. As of March end, Cronimet Mercon Invest held 61.47 per cent (or 4.33 crore shares) in the company while total promoter holding stands at 74.11 per cent. The Metcore stock slumped 9 per cent at ₹6.15 on the NSE.
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