IL&FS Financial acquires pledged shares in Era Infra
New Delhi: IL&FS Financial Services on Friday said it has acquired 1.5 crore pledged shares of Era Infra Engineering, hiking its stake in the infrastructure development firm to 14.86 percent.
The mode of acquisition was through "pledge creation", IL&FS Financial Services said in a filing to the BSE.
IL&FS Financial Services does not belong to the promoter group of companies of Era Infra Engineering.
IL&FS Financial Services had 6.6 percent stake or 1.20 crore shares in the company before the pledge creation between January 18 to October 11, 2012, it said.
Following this, IL&FS Financial Services has 2.7 crore shares or 14.86 percent stake in Era Infra Engineering.
Era Infra Engineering's shares on Friday settled at Rs 138.10 apiece at the BSE, down 0.29 percent over the previous closing.