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Adani Power rises on inking agreement to acquire entire equity shares of OTEPL
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Adani Power is currently trading at Rs. 659.25, up by 4.95 points or 0.76% from its previous closing of Rs. 654.30 on the BSE.
The scrip opened at Rs. 654.30 and has touched a high and low of Rs. 661.85 and Rs. 650.05 respectively. So far 144715 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 896.75 on 03-Jun-2024 and a 52 week low of Rs. 289.30 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 680.00 and Rs. 647.00 respectively. The current market cap of the company is Rs. 254731.53 crore.
The promoters holding in the company stood at 72.71%, while Institutions and Non-Institutions held 16.16% and 11.13% respectively.
Adani Power has signed a Share Purchase Agreement (SPA) with the shareowners of Orissa Thermal Energy (OTEPL) (formerly known as Padmaprabhu Commodity Trading) to acquire its entire paid up equity shares, i.e. total 10,000 equity shares of the face value of Rs 10 each.
Upon acquisition of equity shares, as above, OTEPL now becomes a wholly owned subsidiary of the Company. The object is to set up infrastructure facilities / capacity augmentation of the Company on the land belonging to OTEPL.
Adani Power is engaged in the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.
