Suraksha Realty, a real estate company owned by Sudhir Valia, the brother-in-law of Sun Pharma promoter Dilip Shanghvi, raised money using Sun Pharma shares as collateral at least three times in the last two years, The Economic Times reported citing a document.
The latest fundraising of Rs 100 crore for Suraksha Realty was through commercial paper and Shanghvi Finance, a major shareholder in Sun Pharma and owned by Dilip Shanghvi, pledged a part of its stake in the drug maker to help it raise funds, the newspaper said.
The report said that Sun has helped Suraksha through guarantees and loans.
The transaction that took place on January 8, as per the paper, could raise questions over the relationship between the pharma and the real estate company.
ET has accessed documents about Suraksha’s fundraising which show that Sun shares have been used as collateral.
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