It was very good news for Sterlite Technologies. The top gainer on the BSE currently, with the stock price jumping up over 11.5% to Rs.193 and is now hovering around Rs.187 levels.
At a time when there are stories abound of companies being unable to pay their debt commitments, selling stakes and assets, it was good to know that the promoters of Sterlite Tech have revoked all pledged shares in the company with immediate effect.
The company stated yesterday evening that Twin Star Overseas Ltd, owned by Anil Agarwal’s Volcan Investments Cyprus Ltd., released entire pledge on 20.74 crore shares, which is 52.01% stake.
The promoters had pledged their stake to fund the delisting of Vedanta Resources from London Stock Exchange.