IDBI re-pledges 130.27cr Jaiprakash Power shares
IDBI Trusteeship Services Limited disclosed the re-creation of encumbrance over 1,30,26,98,031 equity shares of Jaiprakash Power Ventures Limited by Adani Power Limited. The re-pledge, comprising 1,20,05,09,465 shares and a non-disposal undertaking for 10,21,88,566 shares, represents 19.01% of the company's share capital. This action follows NCLT directions and JLM approvals dated March 17 and May 15, 2026, respectively.
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IDBI Trusteeship Services Limited has disclosed the re-creation of encumbrance over 1,30,26,98,031 equity shares of jaiprakash power ventures . The disclosure was made under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The shares have been re-pledged by Adani Power Limited in favor of IDBI Trusteeship Services Limited, acting as the Security Trustee for lenders, replacing the previous pledge held by Jaiprakash Associates Limited.
The re-creation of encumbrance includes a pledge over 1,20,05,09,465 equity shares and a non-disposal undertaking for 10,21,88,566 shares. These shares represent 19.01% of the issued and paid-up share capital and 19.01% of the total diluted share/voting capital of the target company. The equity share capital of the company remains at 6,85,34,58,827 fully paid-up equity shares of INR 10/- each.
Details of the Re-creation
The re-pledge was executed pursuant to directions from the Hon'ble NCLT, Allahabad Bench at Prayagraj, via its order dated March 17, 2026. It also aligns with the unanimously approved Minutes of the Joint Lenders' Meeting (JLM) held on May 15, 2026. The pledge over the specified shares was officially created on May 21, 2026.
| Description | Number of Shares | % of Share Capital |
|---|---|---|
| Re-creation of Pledge | 1,20,05,09,465 | 19.01% |
| Re-creation of Non-Disposal Undertaking | 10,21,88,566 | 19.01% |
| Total Encumbered | 1,30,26,98,031 | 19.01% |
Regulatory Implications
In terms of Regulation 29(2) read with Regulation 29(4) of the Takeover Code, shares encumbered by way of pledge are treated as a disposal. Consequently, this disclosure has been submitted to the stock exchanges to record the change in shareholding status. Following the re-creation, the acquirer's holding of encumbered shares stands at 1,30,26,98,031.
Historical Stock Returns for Jaiprakash Power Ventures
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +19.55% | +21.39% | +18.56% | +18.99% | +50.46% | +464.69% |
How might the NCLT-directed re-pledge of Jaiprakash Power Ventures shares impact Adani Power's long-term strategic control and voting rights in the company?
What are the potential triggers that could lead lenders to invoke the pledge on these 19.01% shares, and how would such an event affect Jaiprakash Power Ventures' stock price?
Could this re-pledging arrangement signal further consolidation or acquisition moves by Adani Power in the stressed power sector assets under NCLT resolution?
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