Adani Power surges as promoter release majority pledge shares
IDBI Trusteeship Services released over 223.14 million shares pledged shares of Adani Power. T
Adani Power has surged 15% to Rs 62.40, extending its around 11% rally in past two trading sessions after the company said its promoters have releases majority of pledge shares lying with lenders.
The stock opened at Rs 54.60 on BSE and has seen almost eight-fold jump in trading volumes. A combined 16.6 million shares have changed hands on the counter till 1416 hours compared to an average around 2.2 million shares that were traded daily in past two weeks on BSE and NSE.
Adani Power said more than 220 million pledged shares of the company have been released by IDBI Trusteeship Services.
IDBI Trusteeship Services released over 223.14 million shares pledged shares of Adani Power. These shares accounted for 9.32% shareholding in the company, according to a regulatory filing.
Adani Enterprises is a promoter of Adani Power. Post the release, IDBI Trusteeship Services holds more than 70.87 million shares -- accounting for 2.96% stake -- in Adani Power.
The stock opened at Rs 54.60 on BSE and has seen almost eight-fold jump in trading volumes. A combined 16.6 million shares have changed hands on the counter till 1416 hours compared to an average around 2.2 million shares that were traded daily in past two weeks on BSE and NSE.
Adani Power said more than 220 million pledged shares of the company have been released by IDBI Trusteeship Services.
IDBI Trusteeship Services released over 223.14 million shares pledged shares of Adani Power. These shares accounted for 9.32% shareholding in the company, according to a regulatory filing.
Adani Enterprises is a promoter of Adani Power. Post the release, IDBI Trusteeship Services holds more than 70.87 million shares -- accounting for 2.96% stake -- in Adani Power.