Adani Enterprises gains as promoter release pledge shares

Adani Agro, the promoter of Adani Enterprises, which holds 7.55% in the company, has released 24 million shares pledged with IDBI Bank.

Shares of the Adani group flagship company Adani Enterprises has moved higher by 3% to Rs 324 after one of its promoter released pledge shares.

Promoter Adani Agro Private Limited, which holds 7.55% in the company, has released an entire pledge on its 24 million shares or 2.18% of total shares outstanding lying with IDBI Bank, Adani Enterprises said in a regulatory filing.

Now 94.44 million shares or 8.59% of total equity held by the promoters is pledged. As of December 2013, promoters hold 75% stake in the company.

The stock opened at Rs 316 and hit a low of Rs 315 on the NSE. A combined 1.9 million shares changed hands on the counter so far on the NSE and BSE.

Meanwhile, the stock is among the major outperformer from BSE-100 companies, rallied 123% in past six months from Rs 145, as compared to around 10% rise each in S&P BSE-100 index and the benchmark S&P BSE Sensex.