Promoters sold 50 lakh shares to a group of reputed investors in a block deal on the stock exchanges, to mobilize about INR 50 Cr. In addition to it, the promoters are also monetizing personal assets worth up to another 50 Cr., which is expected to be complete shortly
The funds raised through these transactions will be used to reduce promoter leverage by up
to Rs 100 Cr. and which will subsequently bring down the Promoters pledged position to
around 30% from current level of 54%.