Promoters of 3 ADAG firms pledge shares worth Rs 3,700 cr

New Delhi: Promoter entities of three companies of Anil Ambani-led Reliance Group – RCOM, R-Infra and R-Power – have pledged shares that are worth about Rs 3,700 crore at the current market value. The pledging of shares was disclosed in separate regulatory filings by the three companies, two of whom had no share encumbrance earlier. [caption id=“attachment_1107115” align=“alignleft” width=“380”]  Reuters[/caption] As per Reliance Communications, its promoter entity, Reliance Communications Enterprises Private Limited, pledged 13.5 crore shares on December 22 with Axis Trustee Services, while 6 crore shares were pledged with IndusInd Bank. At the current market price, these shares are worth over Rs 1,547 crore. Separately, Reliance Infrastructure said its promoter entity Reliance Project Ventures and Management Private Limited (RPVMPL) and Reliance Big Private Limited pledged 1.3 crore and 1 crore shares, respectively, with Axis Trustee Services Ltd. These shares are worth over Rs 1,147 crore at current share price. RPVMPL also pledged 16.75 crore shares in Reliance Power with Axis Trustee Services. The current market value of these shares stands at about Rs 1,020 crore. At the end of last quarter, no promoter shares were pledged in R-Com and R-Infra, while a part of promoter holding was already pledged in R-Power as on September 30, 2014. Pursuant to the latest pledge creation by the promoter entity Reliance Communications Enterprises Pvt Ltd (which has over 30 percent stake), an 8.12 percent stake in the company is pledged now. In case of R-Infra, nearly 13 percent stake has been pledged by the two promoters who together held nearly 48 percent stake in the company. In R-Power, over 10 percent stake has been pledged by one promoter that has over 19 percent stake. It had previously pledged over 4 percent stake. Shares of RCom today closed at 79.35, R-Infra at Rs 498.85 and R-Power at Rs 60.95 a piece at the BSE on Wednesday. PTI