Based on the disclosures submitted by Geeta Bhatia yesterday, the following is the calculations I did on promoter shareholding pre & post pledge (refer to table below)
Note: Would request someone to validate the above data.
So post additional pledge in meeting extra margin requirements for their earlier loan (based on pledge), they seem to hold only around 2.5 million shares. But they have sold 4 million shares yesterday.
Did this mean they released some of their pledge already ? and they may release remaining with the sale of shares now ?
Another interesting thing is that they have pledged almost around 205 crores (as of yesterday's share price) for their initial loan of ~65 crores.
I believe RBI mandate is atleast twice the cover and may be finance institutions wanted much higher coverage post the way the stock fell in the recent past ?.
I've more questions than answers now and I hope Rajesh comes out to clarify his stance post the stake sale.
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