Time Technoplast Ltd (TTL) had some good news to share on release of pledged equity shares. The company said that its promoter, Time Securities Services Private have fully repaid the Term Loan outstanding to Lenders and the pledged shares of TTL will be released shortly on completion of formalities by the lenders.
5.41% stake of total promoter holding in TTL was pledged as a Collateral Security against the said Term Loan which now stands as paid back.
After the release of the above shares of the company, complete or 100% promoter holding is now free from any pledge.
Though the stock opened a bit lower, it soon rose over 6% to hit an intraday high at Rs.87 and volumes have jumped up almost 5x. Its 52-week high and low stands at Rs.125.90 and Rs.69.55 respectively.