IDBI Trusteeship Services Limited has announced a significant update regarding the security structure for Adani Power Limited. Following a March 17, 2026 NCLT order and a Joint Lenders’ meeting, Adani Power Limited has assumed the position of shareholder in Jaiprakash Power Ventures Limited. This transition involves a re-pledge of 1,20,05,09,465 equity shares and a non-disposal undertaking covering 10,21,88,566 shares, representing 19.01% of the target company’s total share capital.
Share Pledge and Reorganization
In a formal update, IDBI Trusteeship Services Limited confirmed its role as the Security Trustee for the lenders associated with Adani Power Limited. As of May 21, 2026, a new pledge has been created over 1,20,05,09,465 equity shares of Jaiprakash Power Ventures Limited. This move replaces the previous arrangement with Jaiprakash Associates Limited, ensuring the continuity of security for the lenders.
Details of the Encumbrance
The total encumbrance consists of two distinct components: the re-creation of a pledge for 1,20,05,09,465 shares and a non-disposal undertaking for an additional 10,21,88,566 shares. Combined, these holdings account for 19.01% of the total issued and paid-up share capital, as well as the total diluted share capital of Jaiprakash Power Ventures Limited.
Context of the Transaction
This structural shift follows a directive from the Hon’ble NCLT, Allahabad Bench, issued on March 17, 2026. The arrangement was finalized after the unanimous approval of the Joint Lenders’ Meeting held on May 15, 2026. IDBI Trusteeship Services Limited has clarified that while it acts as the security trustee for these shares, it maintains no beneficial interest in the equity of the target company.
Source: BSE
