Promoters of the Company cleared the uncertainty on company’s pledged shares.
Pledging of shares is done by promoters of the company to secure loans for meeting working capital, acquisition costs or other financial needs. Pledged shares are used as collateral by lenders for giving out loans.
The promoters/promoter group have pledged 186,93,000 equity shares with Kotak Mahindra Investments. The company said promoters have repaid Rs 31 crore out of the original loan amount taken from Kotak Mahindra Investments. The company is still has to pay outstanding loan of Rs 33 crore which is due on 2 March 2020.
The promoters of the company assured that the company would repay the entire outstanding loan of Rs 33 crore within 90 days and release the entire lot of pledged shares from Kotak Mahindra Investments.
Parag Milk Foods is engaged in manufacturing and processing of milk and milk products. The company offers a range of products, which include cheese, ghee, whey proteins, paneer, curd, yoghurt, milk products, liquid milk, milk-based beverages and milk powders.
