Tulip Telecom CMD pledges 39 lakh shares

New Delhi: Tulip Telecom Chairman and Managing Director HS Bedi has pledged an additional 39 lakh shares to various entities.

Bedi has pledged 13 lakh equity shares each with ECL Finance and Cholamandalam Investment and Finance Company (CIFCL), according to regulatory filings made by Tulip on the BSE today.

Besides, he has pledged five lakh with Religare Finvest, four lakh each with STCI Finance and IFCI, respectively, the company said.

[caption id=“attachment_171515” align=“alignleft” width=“380” caption=“Last week, Tulip Telecom had said that Bedi pledged 23 lakh shares to three different finance companies. Reuters”]  [/caption]

Tulip said its promoter firm Cedar Infonet has also pledged 1.5 lakh equity shares in favour of JM Financial Services.

Last week, Tulip Telecom had said that Bedi pledged 23 lakh shares to three different finance companies - ECL Finance, Religare Finvest and CIFCL on 27 and 28 December respectively.

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Excluding all the pledged shares, Bedi has a stake of 21.53 percent in Tulip Telecom.

Besides, ECL Finance along with four other entities - Edelweiss Securities, Edelweiss Financial Advisors, Edelweiss Stock Broking and Edelweiss Broking - have raised their stake to 13.58 percent from 10.76 percent, following “addition to encumbrance against loans/dues” on 26 December, 2011, the company said.

Shares of Tulip Telecom jumped 5.46 percent to close at Rs 111 on the BSE.

PTI