Parag Milk Foods Ltd has announced that it has received intimation from the promoters/promoter group on further release of 20 lakh pledged shares. The shares were released by Kotak Mahindra Investments Limited, to whom the shares were pledged by promoters/promoter group for personal borrowings. At the end of June 30, promoters had pledged 96.43 lakh shares. After hitting a high of ₹113.55 in intra-day trade, shares of Parag Milk Foods closed at ₹109.85 on the BSE, up 4.92 per cent.