Selling 40Lakh shares at 200.5 provides them Rs 80cr . This 80cr will be used to release the pledged shares. This will bring promoter holding to 20% .But all pledged shares would be released.
The reason behind this is : If the assortment of lenders were to sell the pledged shares in the market individually. It would affect investment sentiment further , crash the price and would result in a fire sale. The promoters and shareholders stand to lose more this way .
Selling the shares at this price (rs 200.5) in a block deal, is the only way Bhatias could raise the cash to release their pledged shares . ( considering the fact that Bhatias do not have cash or any other hard assets worth Rs 80cr )
Disclosure : Invested. The above logic is only a educated guess. Only the Company Disclosures tomorrow can clarify this.
Disclosure : Invested.
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