Adani Power pledges additional 70 mn shares

Adani Power today said it has pledged more than seven crore additional shares, accounting for about 3.25% stake in the company.

Financial details of the transaction were not disclosed.

The company has pledged little over 7.08 crore shares -- around 3.25% shareholding --  according to a filing to the BSE. With this, the total pledged shares of the company has increased to over 39.77 crore -- making up for 18.24% of its total shareholding.

Without providing specific details, the filing said that Adani Power shares are pledged with IDBI Trusteeship Services Ltd as a share pledge trustee for the benefit of lender.

As per the filing, "date of acquisition/sale of shares/voting rights or date of receipt of intimation of allotment of shares, whichever is applicable" is September 13.

Shares of Adani Power climbed 7.89% to close at Rs 50.60 on the BSE.