Jaiprakash Power Ventures pledge more shares

Jaiprakash Power Ventures today said the amount of shares in possession of IDBI Trusteeship Services on behalf of lenders increased to 10.83%.

Prior to this deal, the amount of company's shares held with the entity stood at 7.56%.

In a regulatory filing, the company said shares held "under pledge and NDU (Non Disposable Undertaking) holding of acquirer along with Persons Acting in Concert (PACs)" has increased to 10.83%.

NDU of equity shares of Jaiprakash Power Ventures with IDBI Trusteeship Services Ltd as security for and on behalf of lenders are the acquirer and PACs, the filing said.

With regard to the mode of acquisition, the company said it is "by way of NDU as security for the benefit of lenders".

Jaiprakash Power Ventures, part of Jaypee Group, owns and operates various power projects including the 1,000 MW Karcham-Wangtoo hydel plant in Himachal Pradesh.

Shares of the company fell nearly 4% to close at Rs 18.25 on the BSE.