 "Adani")
Shares of Adani Power surged 12 per cent and claimed a fresh 52-week high of Rs 170 per share on the BSE on Tuesday. The shares extended their rally into sixth consecutive session, after the company approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself.
At 11:55 AM, shares of the Adani Group company was trading 8 per cent higher at Rs 165 per share, as against a 0.18 per cent gain in the benchmark S&P BSE Sensex. A combined 114.58 million shares had changed hands on the counter on the NSE and BSE till the time of writing of this report. In the past six days, the stock of Adani Power has zoomed 37 per cent as against an unchanged Sensex index.
Last week, the board of Adani Power approved an amalgamation scheme for the merger of Adani Power Maharashtra Ltd., Adani Power Rajasthan Ltd., Adani Power (Mundra) Ltd., Udupi Power Corp. Ltd., Raipur Energen Ltd., and Raigarh Energy Generation Ltd with itself.
The appointed date of the scheme will be October 1, 2021. "The proposed amalgamation envisaged under this scheme is intended to achieve size, scalability, integration, improved controls, cost and resource use optimisation, greater financial strength and flexibility, thereby building a more resilient and robust orgarganisation that address dynamic business situations and volatility in various economic factors in a focused manner, to achieve improved long-term financial returns," it stated.
It added: Upon the Scheme becoming effective, no equity shares of the Company shall be allotted in lieu or exchange of the holding of the Company in the Transferor Companies and accordingly, equity shares held by the Company in the Transferor Companies shall stand cancelled on the Effective Date without any further act, instrument. or deed. READ FILING HERE
For the October-December quarter, Adani Power had posted consolidated net profit of Rs 218.49 crore. The company incurred a loss of Rs 288.74 crore in the year-ago period. Total income stood at Rs 5,593.58 crore in the quarter, relative to Rs 7,099.20 crore in the same period a year ago.
