Adani Power soars 17% on board nod to Korba West Power, GCEL acquisition

The stock hit a 52-week high of Rs 60.5, surpassing its previous high of Rs 58 recorded on December 3, 2018, on the BSE in the intra-day trade.

Shares of Adani Power zoomed 17.4 per cent to Rs 60 apiece in the intra-day trade on Monday after the company’s board approved acquisition of the entire stake of Korba West Power Company limited's (KWPCL) and GMR Chhattisgarh Energy Limited (GCEL).

The stock also hit a fresh 52-week high, as it surpassed its previous high of Rs 58 recorded on December 3, 2018 on the BSE in the intra-day trade.

The company informed the exchanges that the National Company Law Tribunal (NCLT) has approved its resolution plan for acquisition of KWPCL.

"The successful acquisition and implementation of the resolution plan