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Bajaj Finance invokes pledged shares of Karvy Data Management

New Delhi: Bajaj Finance on Thursday said it has invoked 24 lakh pledged shares of Karvy Data Management Services (KDMSL) to recover outstanding dues from a group firm.

“The shares of KDMSL were pledged with the company (Bajaj Finance) for securing the outstanding dues of Karvy Stock Broking (KSBL), the borrower company. The company has invoked the pledged shares of KDMSL for recovery of its dues,” Bajaj Finance said in a regulatory filing.

Bajaj Finance said it acquired 24 lakh equity shares of face value of Rs 10 each representing 10 per cent of the paid up capital of KDMSL.

KDMSL was incorporated in April 2008 in Telangana for providing IT solutions.

The company had a turnover of Rs 1,274.39 crore in 2018-19 and Rs 886.94 crore in 2017-18. The unlisted company’s profit stood at Rs 75.20 crore in the last financial year.

Source: Economic Times