Parag Milk bounces back

For the past  6 days, Parag Milk has been on a losing streak and today morning, it turned around. It opened over 2.5% higher at Rs.771.5, going up to an intraday high at Rs.82.05. It currently remains up around Rs.80 levels.

The stock has been falling lately due to various news surrounding the pledged shares of promoters. Finally, yesterday evening, the company brought forth clarity.

The company said that the promoter/promoter group have pledged 186,93,000 equity shares with Kotak Mahindra Investments as on date.

Further, the promoters have repaid Rs. 31 crore out of the original loan amount taken from Kotak Mahindra and the outstanding loan stands at Rs. 33 crore only as on 2nd March, 2020.

The Promoters have further informed the company that they would repay the  entire outstanding loan of Rs 33 crore within 90 days and release the entire lot of pledged shares from Kotak Mahindra.