Jaiprakash Hydro Power today said one of its promoters has pledged 60.08 per cent stake of the firm with lenders.
The promoter, Jaiprakash Associates, pledged over 29.49 crore equity shares, Jaiprakash Hydro Power said in a filing to the Bombay Stock Exchange.
"The promoter pledged these equity shares to avail term loan as part of project financing," it said.
Engaged in power generation, the company has invested in the equity share capital of a joint venture company - Jaypee Powergrid - with Power Grid Corporation of India for developing a transmission system to evacuate power to be generated by 1,000 megawatts Karcham Wangtoo Hydro Electric Project in Himachal Pradesh, it said.
Shares of the company closed at Rs 30.75, up 2.50 per cent from the previous closing on BSE.