MUMBAI: Faced with a tight liquidity crunch, Pyramid Saimira Theatre Ltd (PSTL) promoter and CMD PS Saminathan has sold 6.037 per cent stake in the company.

The latest disclosure in the National Stock Exchange on Monday states that Saminathan has sold 1.7 million (1,707,000) shares in an off-market sale between 20 - 31 December last year.

Saminathan now holds 5.08 million (5,086,614) shares, or a 17.99 per cent stake, in the company. Also, another promoter Uma Saminathan sold 152,839 shares or 0.27 per cent equity in the three months to December.

Meanwhile, the company clarified that some financial institutions have sold off pledged shares of the promoters against short-term loans taken by the company to overcome a liquidity crunch it had landed into due to a tax issue and the huge loss suffered in mega budgeted film Kuselan.

The company further said in a filing that it has always "intended to maintain the best of relationships with bankers and did not want any delays or defaults to any bank or institution."

As per the filing, in December last year, Income Tax department issued a bank attachment order against PSTL on a tax issue. Though the matter got resolved in an amicable manner, the company said it underwent a liquidity tightness on account of the same.

In October last year, Saminathan was set to double his holding by acquiring seven million equity shares, or 24.9 per cent, for a proposed price of Rs 1.4 billion (Rs 200 per share) from NC Ravichandran and Nirmal Kotecha. However, in December, a fake letter from Sebi (Securities and Exchange Board of India) caused severe battering of the stock value and resulted in termination of the deal.