IDBI Trusteeship releases 53 crore pledged shares of Adani Power

MUMBAI: Adani Power said more than 53.14 crore pledged shares of the company have been released by IDBI Trusteeship Services.

IDBI Trusteeship Services released over 53.14 crore shares pledged shares of Adani Power. These shares accounted for 24.38 per cent shareholding in the company, according to a regulatory filing.

"53,14,36,831 equity shares are being released back to Adani Enterprises Ltd, the pledgor," the filing said.

Adani Enterprises is a promoter of Adani Power. Post the release, IDBI Trusteeship Services holds more than 32.68 crore shares -- accounting for 14.99 per cent stake -- in Adani Power.

As per the filing, IDBI Trusteeship Services is "security trustee holding the pledge as security for various banks for their loans sanctioned to the company".

Shares of Adani Power fell 2.17 per cent to close at Rs 76.50 on the BSE.