H.S. Bedi, chairman and managing director, Tulip Telecom has pledged 2.3 million equity shares to three different finance companies over a period of two days.
According to a filing made by the company on the Bombay Stock Exchange (BSE), Bedi pledged a total of 1.2 million shares with ECL Finance and 6,00,000 with Religare Finvest on December 27, 2011 and December 28, 2011 respectively.
The filing showed that Bedi pledged 2,00,000 shares in favour of STCI Finance on December 27, 2011 and 3,00,000 shares with Cholamandalam Investment and Finance Company.
With these pledges, Bedi?s shareholding reduces from 25.8 per cent to 24.21 per cent in the company.
