Shyam Tele promoters pledge 19.52% stake with SBI

CDMA mobile operator Shyam Telecom today said four of its promoters have pledged 19.52 per cent stake of the company with the country's largest public sector lender, State Bank of India. In a filing to the Bombay Stock Exchange, it said that four promoters have pledged in total 22 lakh shares, representing 19.52 per cent stake of the company. Mehrotra Invofin has pledged 11 lakh shares representing 9.76 per cent stake of the company, Cellphone Credit & Securities India has pledged 5.5 lakh shares representing 4.88 per cent stake of the company, the filing added. Further, A T Invofin has pledged 2.73 lakh shares with the bank that is 2.42 per cent stake of the company and Teletec Finsec India has pledged 2.77 lakh shares representing 2.46 per cent stake of the company, it added. The company has further informed that "shares have been pledged by the promoters for securing the working capital facilities enjoyed by the company from State Bank of India, New Delhi".