Adani Power soars on acquiring 99.8% stake in Mirzapur Thermal Energy

Adani Power is currently trading at Rs. 781.20, up by 55.05 points or 7.58% from its previous closing of Rs. 726.15 on the BSE.

The scrip opened at Rs. 749.00 and has touched a high and low of Rs. 785.90 and Rs. 746.00 respectively. So far 392822 shares were traded on the counter.

Adani Power

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 896.75 on 03-Jun-2024 and a 52 week low of Rs. 230.95 on 26-Jun-2023.

Last one week high and low of the scrip stood at Rs. 896.75 and Rs. 638.90 respectively. The current market cap of the company is Rs. 280071.62 crore.

The promoters holding in the company stood at 71.75%, while Institutions and Non-Institutions held 17.32% and 10.93% respectively.

Adani Power has been allotted 50,00,000 equity shares of Rs 10 each by Mirzapur Thermal Energy U.P. (MTEUPL) on preferential basis resulting in a 99.8% equity stake in MTEUPL. Consequently, MTEUPL has become a subsidiary of the Company. The object is to set up infrastructure facilities/ capacity augmentation of the company.

Adani Power is engaged in the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.