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Adani Power touches roof on amalgamating six subsidiaries

Adani Power is currently trading at its upper limit of Rs. 186.75, up by 8.85 points or 4.97% from its previous closing of Rs. 177.90 on the BSE.

adani powers arm receives loa for supply of 295 mw power
Adani Power

The scrip opened at Rs. 185.95 and has touched a high and low of Rs. 186.75 and Rs. 175.25 respectively. So far 3532225 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 432.80 on 22-Aug-2022 and a 52 week low of Rs. 115.50 on 07-Mar-2022.

Last one week high and low of the scrip stood at Rs. 186.75 and Rs. 152.50 respectively. The current market cap of the company is Rs. 72028.33 crore.

The promoters holding in the company stood at 74.97%, while Institutions and Non-Institutions held 12.88% and 12.15% respectively.

Adani Power (APL) has amalgamated its six subsidiaries with itself. An amalgamation of six wholly-owned subsidiary companies of Adani Power — Adani Power Maharashtra (APML); Adani Power Rajasthan (APRL); Udupi Power Corporation (UPCL); Raipur Energen (REL); Raigarh Energy Generation (REGL) and Adani Power (Mundra) (APMuL) — with APL was sanctioned by the Ahmedabad-bench of National Company Law Tribunal on February 8, 2023.

All the conditions stated under the Scheme for making it effective have been satisfied, and hence the Scheme is now effective from the Appointed Date i.e. October 1, 2021, as specified thereunder. The six companies — APML, APRL, UPCL, REL, REGL and APMuL — now stand amalgamated with APL. Accordingly, the company will publish financial statements for FY 2022-23 based on amalgamation and will also recast comparative period numbers in compliance with applicable accounting standards.

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.