Debt-laden apparel retailer Koutons Retail India Ltd has said non-banking financial services company IFCI Ltd raised its stake in the company by invoking the shares pledged by the company's founders.
IFCI's stake in Koutons Retail has gone up to 10.24% from 5.89% earlier, the company said in a notice sent to the stock exchanges.
Koutons Retail's founders and founder groups, who own 32% of the company, had pledged 98% of their shareholding to lenders as of Dec. 31, 2010, data from the stock exchanges showed.
Source: Marketwatch