Adani Power shares: Adani Power Limited saw its shares rise by over 4 percent during early trading on March 27, following the approval granted by the fair trade regulator Competition Commission of India (CCI) for the company’s planned acquisition of Lanco Amarkantak Power.
Adani Power has put forth a proposal to obtain full ownership, including 100 percent share capital and control, of Lanco Amarkantak Power. This initiative is in line with the corporate insolvency resolution process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016 (IBC). Lanco Amarkantak Power operates in the field of thermal power generation.
The planned merger pertains to the acquisition of the entire equity share capital of the target company by the acquiring entity, as stated in the CCI order.
On March 5, Adani Power declared that it had received approval from the creditors for the resolution plan aimed at acquiring Lanco Amarkantak Power. The Competition Commission of India (CCI) stated that the transaction would not pose a significant adverse impact on competition within any feasible relevant market in India.
On March 26, the company revealed a fresh legal matter involving a petition lodged by the Maharashtra State Electricity Distribution Company (MSEDCL) with the Maharashtra Electricity Regulatory Commission (MERC). The petition concerns the evaluation of domestic coal transportation expenses.
By 9.25 am, the stock was trading at Rs 541 on the National Stock Exchange, marking a 3.7 percent increase from the previous close. Over the past year, Adani Power’s share price has experienced a substantial surge of 185 percent.
Also Read: Rategain shares
Disclaimer: Stockeasynow provides stock market news for informational purposes only and should not be construed as investment advice. Readers are strongly encouraged to consult with a qualified financial advisor before making any investment decisions.
