Cinemax promoter Kanakia pledges 21% shares

MUMBAI: Cinemax promoter Himanshu B Kanakia has pledged a total of 5.87 million shares, representing 20.96 per cent stake in the company.

In a fresh development, Kanakia pledged 265,000 shares on 2 June. With this, he has pledged 62.66 per cent of his personal holding in the company (9.37 million shares).

On 31 March, the promoters of the cinema exhibition major had pledged 41.51 per cent shares of the entire paid up capital, representing 60.72 per cent of the promoters’ shareholding.

Cinemax had posted a net profit of Rs 169.7 million in the fiscal ended 31 March 2010 on a net income of Rs 1.68 billion. Total expenses incurred in the year were Rs 1.58 billion.

Shares of Cinemax were trading Tuesday at Rs 49.95 on the BSE till 1 pm.