Adani Power announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 1 November 2022 .

Powered by Capital Market - Live News

Adani Power Ltd fell 5% today to trade at Rs 390.65. The S&P BSE Power index is down 1.32% to quote at 4955.73. The index is up 11.18 % over last one month. Among the other constituents of the index, Adani Green Energy Ltd decreased 3.55% and Adani Transmission Ltd lost 1.75% on the day. The S&P BSE Power index went up 82.08 % over last one year compared to the 5.43% surge in benchmark SENSEX.

Adani Power Ltd has added 33.92% over last one month compared to 11.18% gain in S&P BSE Power index and 5.79% rise in the SENSEX. On the BSE, 70620 shares were traded in the counter so far compared with average daily volumes of 17.73 lakh shares in the past one month. The stock hit a record high of Rs 432.8 on 22 Aug 2022. The stock hit a 52-week low of Rs 69.95 on 24 Aug 2021.

Powered by Capital Market - Live News

DB Power had recorded a turnover of Rs 3,488 crore for FY 2021-22. Diliigent Power (DPPL) is the holding company of DB Power.

DB Power has long and medium-term power purchase agreements for 923.5 MW of its capacity, backed by fuel supply agreements with Coal India, and has been operating its facilities profitably.

Adani Power said that the proposed transaction is subject to receipt of approval from the Competition Commission of India and any other approvals as may be identified following the due diligence exercise to be conducted with respect to DPPL and DB Power. The initial term of the MOU shall be till 31 October 2022, which may be extended by mutual agreement.

The Adani Group Company will acquire 100% of the total issued, subscribed and paid- up equity share capital and preference share capital of DPPL. The acquisition is being done at an enterprise value of Rs 7,017 crore, subject to adjustments on the closing date.

The acquisition will help the Company to expand its offerings and operations in the thermal power sector in the state of Chhattisgarh,” Adani Power said in a statement.

Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.

The company reported a multi-fold jump in consolidated net profit to Rs 4,779.86 crore in Q1 FY23 as compared to a net profit of Rs 278.22 crore in Q1 FY22. Revenue from operations in first quarter stood at Rs 13,723.06 crore, up 108.9% from Rs 6,568.86 crore reported in the same period last year.

Powered by Capital Market - Live News

Adani Power has agreed to acquire DB Power, which owns and operates a running 2x600 MW thermal power plant at District Janjgir Champa in Chhattisgarh.

DB Power has long and medium-term Power Purchase Agreements for 923.5 MW of its capacity, backed by Fuel Supply Agreements with Coal India, and has been operating its facilities profitably.

The acquisition will help the Company to expand its offerings and operations in the thermal power sector in the state of Chhattisgarh.

Powered by Capital Market - Live News