Provogue (India) promoter pledges 3 lakh shares

Fashion apparel firm Provogue’s one of the promoter - Nikhil Chaturvedi had pledged 3 lakh shares of the company, taking the total percentage of stake in the company pledged by him to 4.98%. Nikhil Chaturvedi holds a total of 10.60 lakh shares in the company and has pledged three lakh shares on July 22, 2011. Post the transaction, Nikhil Chaturvedi has pledged a total of 5,70,000 shares in the company, taking the total number of stake pledged to 4.98%.

Last year in November, Provogue (India) through its subsidiary, Prozone Enterprises, had signed a restructured deal with Triangle Real Estate India Fund, co-promoted by ICS Realty Group and Old Mutual Investment Group Property Investments.

As part of the newly restructured deal Triangle India Fund would be investing Rs 306 crores (approximately $65 million) for a 35% stake in three of its project SPVs viz., Aurangabad, Nagpur and Coimbatore at a valuation of Rs 865 crore. The company would now be developing over 8 Mn sq ft across these three projects with retail, commercial, residential and hospitality.