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Shares of Lanco Infratech were up nearly 6% at Rs 8.60 on reports that the company plans to sell some of its power assets with a view to reduce its debt burden.
Lanco Infratech is planning to sell 3,000 Mw of capacity to raise Rs 5,000 crore. The funds raised will be used to reduce the company’s debt, currently about Rs 35,000 crore.
Last month, the company had sold a 1,200-Mw thermal plant in Udupi to Adani Power for Rs 6,000 crore.
Lanco has 4,732 Mw of operational capacity, 4,636 Mw under construction and 9,000 Mw under development.
The stock opened at Rs 8.31 and touched a high of Rs 8.73 on the BSE. Over 6.6 million shares were traded on both the stock exchanges so far.
