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Tulip Telecom promoters pledge 22.57 per cent stake with lenders

March 15, 2009
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Tulip Telecom has stated that four of its promoters have pledged a total of 22.57 per cent stake in the company with lenders.

One of its promoters, Cedar Infotech, has pledged 5.13 million shares representing 17.68 per cent stake in the firm, while Hardeep Singh Bedi has pledged over 1.25 million shares amounting to 4.32 per cent stake. Besides, promoters Maninder Bedi and Deepinder Singh Bedi have pledged over 165,000 shares or 0.57 per cent stake, and 700 shares representing 0.0024 per cent stake, respectively, in the company.

Based on market estimates, the shares pledged would have fetched the promoters about Rs 2.5 billion. As of December 2008, the promoters collectively held 68.96 per cent stake in the company.

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