Lanco surges 9 pc on closing of power plant sale to Adani

Stocks of Lanco Infratech today surged nearly 9 per cent after Adani Power completed the acquisition of its Udupi Power plant for Rs 6,300 crore.
The stock jumped 8.70 per cent to settle at Rs 5.75 on the BSE. Intraday, it gained 15.68 per cent to Rs 6.12.
At the NSE, shares of Lanco Infra soared 8.49 per cent to Rs 5.75.
Adani Power (APL) has said that it has completed the acquisition of Lanco Infratech's Udupi Power plant for Rs 6,300 crore, one of the largest takeovers in the country's thermal power space.
"APL has completed the acquisition of 100 per cent of the shares of Udupi Power Corporation (UPCL) from Hyderabad based-Lanco Infratech," the company said in a statement.

UPCL is a 1200-MW power plant based on imported coal and includes a captive jetty for coal imports, it said.
The transaction was announced in August last year.