Tulip Telecom's promoter over a period of two days has pledged 23 lakh equity shares to different finance companies. The chairman and managing director H S Bedi has pledged total of 12 lakh shares with ECL Finance while six lakh shares has been pledged with Religare Finvest on December 27 and 28 respectively.
Further, the promoter has pledged two lakh shares in favour of STCI Finance on December 27 and three lakh shares with Cholamandalam Investment and Finance Company. With this pledges, shareholding of the promoter reduced by 1.59 percent from 25.8 percent to 24.21 percent in the company.
Recently, Securities Trading Corporation of India had acquired a minority stake in Tulip Telecom by purchasing 77.50 lakh shares accounting for over 5.34 percent stake in the company.
Tulip Telecom is a data telecom service and IT solutions provider. The company offers an innovative IP based infrastructural solutions to its customers.