Pledged shares of Reliance Capital unit can’t be freed: Trustee
Reliance Capital had pledged the shares in its unit RGI as security against funds raised by group companies through the issue of non-convertible debentures in FY19. IDBI Trusteeship, custodian of the RGI shares, says it doesn’t have permission from the debenture holders to release the pledged shares — representing a 37% stake in the insurance unit — according to the people cited above.
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