IFCI Invokes 1 Lakh Shares of Bhushan Steel
New Delhi: Financial institution IFCI Ltd has invoked one lakh shares in Bhushan Steel that were pledged by the debt-ridden company's promoter Neeraj Singal.
Mr Singal is also vice chairman and managing director.
In a filing to the BSE, Bhushan Steel said that company's one lakh shares, which were pledged by Mr Singal, have been invoked by IFCI.
As per the filing, 36,732 shares were pledged on October 7 and 27,330 on October 9. Again 5,059 shares were pledged on October 10, followed by 30,879 on October 13.
The CBI in August had arrested Mr Singal in connection with an alleged Rs 50 lakh bribery scandal involving CMD of Syndicate Bank S K Jain.
Meanwhile, the company has denied that lenders are looking at selling it.
"Bhushan Steel is a standard account. Hence, the question of lenders looking at selling it does not arise in this situation," a company spokesperson said reacting to media reports.
Shares in Bhushan Steel, on Tuesday, ended at Rs 111.35 apiece on the BSE, up 3.53 per cent from the previous close.
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