Adani Transmission up 10% on signing agreement with Reliance Infra

The stock hit a new high of Rs 193, up 10% on BSE, appreciating 201% thus far in the current financial year 2017-18.

Adani Transmission hit a new high of Rs 193, up 10% on BSE, after the company said it has entered into a period of exclusivity with Reliance Infrastructure (RInfra) until January 15, 2018 in relation to discussions for the proposed acquisition of the integrated business of generation, transmission and distribution of power for Mumbai City from RInfra.

“The proposed transaction is subject to confirmatory diligence, definitive documentation, and customary approvals,” Adani Transmission said in media release.

Accordingly, there can be no certainty that a transaction will result. Further announcements will be made at an appropriate stage, it added.