IDBI Trusteeship Services Limited has released 12.5 lakh pledged shares of Max Financial Services (MFSL), according to a regulatory filing.

"12,50,000 shares of MFSL were released by the Trustee to the promoter group on the instructions of the lender on account of release event in terms of the loan agreement, resulting in reduction in the number of pledged shares," MFSL said in the regulatory filing on Monday.

Following the release of 12.5 lakh shares or 0.47 per equity stake, the number of pledged shares has come down to 8.08 per cent or 2.17 crore shares (2,17,87,626) from 8.55 per cent earlier, according to a separate filing.

The shares were released on the instruction of a lender on July 2 by IDBI Trusteeship Services Limited (ITSL), which is acting as a security trustee for various NCDs, the trustee informed the bourses.

ITSL is acting as security trustee for various NCDs, wherein the shares of the target company (MFSL) have been pledged pursuant to respective share pledge agreements.

Max Financial Services shares closed 0.80 per cent up at Rs 559.60 apiece on BSE.

(Disclaimer:

Updates with Max Financial Services' filing on the release of shares)

First Published:Jul 6, 2020 6:20 PM IST