Recently Rajesh Bhatia interviewed on CNBC. he told that they will release their pledged shares soon. Now i think they have taken a prudent step to release it by selling these shares. Suppose if they do not do this and if share price again go to Rs.120 for any reason, they need to pledged all of their shares and if lenders start selling these shares, they will sell all the shares at any cost and stock price will go to ditch even if company is fundamentally strong and ruin the company completely. Now by selling their 9.5% of share holding they will release all the pledged shares, though they have reduced their stake in the company but still they will have 20.51% of the stake and still be a major shareholder. and it will even save other shareholders too . This is my view on this event.
Prashant
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