Gitanajli Gems was locked in lower circuit for seven day in a row, down 5% at Rs 214 on BSE after the company said Macquarie has invoked nearly 5 million pledge shares of the company in past two trading sessions.
The stock of jewellery retailer was trading at its level since March 2011 on BSE has tanked 58% in past seven trading sessions from Rs 507 on June 6. A combined around 10,000 shares have changed hands on the counter and there are pending sell orders for 13.89 million shares on BSE and NSE at 1357 hours.
Macquarie Finance (India) Private Limited (MFIPL) has invoked 5 million equity shares representing 5.43% of total equity capital of the company between June 28 and July 1, Gitanjali Gems said in a regulatory filing.
On June 28 2013, MFIPL invoked pledge over shares acquiring title to a total of 3 million shares and on July 1, MFIPL invoked pledge over shares acquiring title to a total of 2 million shares, it added.
Invocation of a pledge is triggered when a borrower, faced with a dip in share price, is unable to deposit additional margin with the lender.
The promoters had pledged 8.6 million shares or 9.35% of the equity with MFIPL (5.43%) and Macquarie Bank (3.92%), the data shows.
As on March 2013, the promoters which held 59.44% in the company have pledged 34.96% of their holdings with the lenders.
The stock of jewellery retailer was trading at its level since March 2011 on BSE has tanked 58% in past seven trading sessions from Rs 507 on June 6. A combined around 10,000 shares have changed hands on the counter and there are pending sell orders for 13.89 million shares on BSE and NSE at 1357 hours.
Macquarie Finance (India) Private Limited (MFIPL) has invoked 5 million equity shares representing 5.43% of total equity capital of the company between June 28 and July 1, Gitanjali Gems said in a regulatory filing.
On June 28 2013, MFIPL invoked pledge over shares acquiring title to a total of 3 million shares and on July 1, MFIPL invoked pledge over shares acquiring title to a total of 2 million shares, it added.
Invocation of a pledge is triggered when a borrower, faced with a dip in share price, is unable to deposit additional margin with the lender.
The promoters had pledged 8.6 million shares or 9.35% of the equity with MFIPL (5.43%) and Macquarie Bank (3.92%), the data shows.
As on March 2013, the promoters which held 59.44% in the company have pledged 34.96% of their holdings with the lenders.
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