Shares of Adani Power surged 12 percent and hit a new 52-week high at Rs 170 per share on the Bahrain Bourse on Tuesday. The shares extended their rise to the sixth session in a row, after the company approved a merger plan to merge six wholly owned subsidiaries with itself.
At 11:55 a.m., Adani Group shares were trading 8 percent higher at 165 rupees a share, versus a 0.18 percent gain in the S&P BSE Sensex. 114.58 million shares were traded over the counter on the NSE and BSE exchanges as of the time of writing. In the past six days, Adani Power stock is up 37 percent against the unchanged Sensex.
Last week, Adani Power’s board of directors approved a merger plan to merge Adani Power Maharashtra Ltd. and Adani Power Rajasthan Ltd and Adani Power (Mundra) Ltd. and Udupi Power Corp. Ltd. And Raipur Energen Ltd and Raigarh Power Generation Limited with itself.
The exact date of the scheme will be October 1, 2021. “The proposed consolidation envisaged under this scheme aims to achieve scale, scalability, integration, better controls, optimization of cost and resource utilization, and increase financial strength and resilience, thereby building a more resilient and robust organization that addresses dynamic business situations and fluctuations in various economic factors in a focused manner, to achieve improved financial returns in the long run.”
She added: When the system enters into force, no shares in the company will be allocated in place of the company’s ownership in the transferred companies or exchanged, and accordingly, the equity shares held by the company in the transferred companies will be canceled on the effective date without any other action or instrument. or act. Read the file here
For the October-December quarter, Adani Power reported a consolidated net profit of Rs.218.49 crore. The company incurred a loss of Rs 288.74 crore in the period last year. Total income settled at Rs 5,593.58 crore for the quarter, as compared to Rs 7,099.20 crore in the same period last year.