Adani Power shares jump for 2nd day as secured creditors okay scheme of amalgamation

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Shares of Adani Power rose nearly two per cent in Thursday’s trade after the company’s secured creditors approved the scheme of amalgamation. The stock rose 1.84 per cent to hit an intraday high of Rs 338 on the BSE. This was in addition to a rise of 2.20 per cent in the previous session. With this, the stock has gained 229.32 per cent so far in 2022.

In a filing to BSE, Adani Power said that a meeting of secured creditors of Adani Power will be held on Tuesday to consider the scheme of amalgamation of Adani Power Maharashtra, Adani Power Rajasthan, Udupi Power Corporation, Raipur Energen, Raigarh Energy Generation and Adani Power Hui. Mundra) with Adani Power.

Adani Power said, “The resolution approving the scheme was passed with the requisite majority of the secured creditors representing three-fourth in value of the secured creditors of the company as per the NCLT order.”

Meanwhile, in another filing, Adani Power said it has extended the deadline to acquire DB Power till the end of December.

Adani Power said, “The parties to the proposed transaction have mutually agreed to extend the longer stop date to December 31, 2022, for achieving the closing/completion.”

The company had in August announced the acquisition of DB Power, which owns and operates a 2X600 MW thermal power plant in Jangir Champa district of Chhattisgarh.

DB Power has long and medium term purchase agreements for 923.50 MW of its capacity, which is supported by fuel supply agreements with Coal India. Adani Power said in August that it was operating its facilities profitably.

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