On Wednesday, Parag Milk Foods Ltd shares rose as much as 5.1 percent to 109.9 apiece after the company announced that it has received an intimation the promoters on further release of their pledged shares.
In a stock exchange filing, the company informed of further release of 20 lakh pledged shares by Promoters/Promoter Group of the company. These shares were released by Kotak Mahindra Investments Limited to whom the shares were pledged by promoters for personal borrowings, according to a news piece by equitybulls.com.
The marketer and promoter of branded dairy products had earlier in August announced the release of 27 lakh equity shares pledged by promoters and said that the chairman and founders of the company would be working on bringing down their pledged shares by 20 percent over the coming quarters.
The latest announcement reflects optimism on the promoter's statement to increase in the promoter stake and reduction in pledged shares. Parag Milk Foods is the second-largest player in the cheese market in India, after Amul.