Dilip Buildcon plunges 5% as Promoter Pledges Additional Shares

Dilip BuildconShares of Dilip Buildcon declined 5 per cent in trade after the company in a regulatory filing said that promoter Dilip Suryavanshi has pledged additional 41,406 shares with RBL Bank on May 23, as per news reports.

This, however, pertains to the credit facilities secured from the bank earlier and the promoters have not taken any fresh loans against the pledge of said additional shares, the company said in a filing to BSE. The stock fell 5 percent to hit a low of Rs 818.50.

The company has secured credit worth Rs 225 crore from RBL Bank for its subsidiaries DBL Bangalore Nidagatta Highways and DBL Ni dagatta Mysore Highways. That credit facilities were secured by the way of pledge on shares of Dilip Buildcon providing minimum security cover of 1.5 times. A total of 33,09,000 shares were pledged by the company promoter Suravanshi and Devendra Jain.

The comapny said that the shares pledged earlier were calculated by taking 6-month high average price of Rs 1,014.10 per shares. But the company instructed to take the closing of 6-month average price due to which Suravanshi had to pledge additional shares.

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