GVK promoter pledges 4.37% with Axis Bank, IDBI Bank

Font Size

Print

Feedback

Email

Discuss

Related Articles

HDFC Bank cuts rates for used carsUnion Bank starts auditing branchesPvt banks pip public peers in NPAsBanks likely to retain home loan rates

Mumbai, New Delhi: Infrastructure major GVK Power and Infrastructure Limited (GVKPIL) joins the growing list of companies whose promoters have pledged their shares in the aftermath of the global financial crisis and the Securities Exchange Board of India’s mandate to disclose pledged shares in the light of the Satyam Computer Services fraud.

In a disclosure to the BSE on Friday, GVKPIL informed that one of its promoters Vertex Infratech has pledged 4.37% out of its 5.39% equity stake in the company with financial institutions. Vertex had pledged these shares with Axis Bank and IDBI Bank on January 5 as a collateral security for the credit facilities availed by GVK Airport Holdings Pvt Ltd, a step down subsidiary of GVKPIL.

The move assumes significance as GVK Airport Holdings Pvt Ltd is the majority stakeholder in Mumbai’s ambitious airport modernisation project currently underway.

GVKPIL owns GVK Airport Developers, which is the holding company for GVK Airport Holdings Private Limited, which has a 74% stake in Mumbai International Airport Limited, the company set up to modernise the Chhatrapati Shivaji Airport in Mumbai.

The disclosure by GVKPIL comes after market regulator Sebi mandated that promoters of listed firms disclose the amount of shares pledged with financial institutions. However, since the announcement came in late during the day, the share price of the company was not affected and the shares were trading in the positive zone. The shares closed at Rs 18.95 up 0.80% on the BSE. Meanwhile, the promoter holding as of the December quarter stood at 60.94%.

GVK’s big projects

Roads

• Jaipur-Kishangarh BoT project, a segment of the Golden Quadrilateral National Highways Development project of the Centre

Urban Infrastructure

• GVK One-Hyderabad's world-class retail scheme

• GVK’s first urban housing project— Stone Valley

• Green Woods Golf & Resorts Pvt Ltd is a GVK enterprise establishing a 18-hole golf course resort on 175 acres of land adjacent to the Himayatsagar Lake near Hyderabad

• GVKPIL owns 53.96% in GVK Industries Ltd which operates the 216-mw Jegurupadu Phase-I gas based power plant and the 220-mw Jegurupadu Phase-II gas based project which is ready for commercial operations. GVKPIL also owns 44.97% in Gautami Power (464-mw gas-based power plant)