Adani Power: Another company owned by Gautam Adani, announced to buy for Rs 7017 crore – Adani Power to acquire DB Power for Rs 7017 crore Know the details and Share Price tutd

Another company of the country has fallen in the lap of Adani Group. Adani Power, a company of Adani Group, has announced to buy debt-ridden DB Power Ltd. With this acquisition, Adani Power aims to expand its business in the thermal power sector in the state. DB Power owns two units of a 600 MW thermal power plant in Janjgir Champa district of Chhattisgarh. It also operates the unit of thermal power plant. Diligent Power (DPPL) is the holding company of DB Power.

MoU with Coal India for fuel

The initial period of the MoU for this acquisition of Adani Power will be till October 31, 2022. But it can be increased further on mutual agreement. The company has disclosed this in a regulatory filing. Adani Power said in the information given to the stock exchange that the company has long-term and medium-term power purchase agreement for 923.5 MW capacity. Also, there is an agreement with Coal India Limited for the supply of fuel and the company is in profit.

acquisition price

Adani Power will hold 100 per cent of the total issued, subscribed and paid-up equity share capital and preference share capital of DPPL. At the same time, DPPL will have 100% share of DB power on the last date of the transaction. The acquisition will be at an undertaking value of Rs 7,017 crore. DB Power is engaged in the business of Establishment, Operation and Maintenance of Thermal Power Generating Stations in Chhattisgarh since October 2006.

Adani Group

Huge jump in the stock of Adani Power

Meanwhile, on Friday, the last day of the week, the stock of Adani Power saw a rise. Adani Power’s stock closed at Rs 410.90, up 2.88 per cent. If we look at the figures of the last one month, then the shares of Adani Power have gained 35 percent. With this, the company’s market cap has reached Rs 1.60 lakh crore. Adani Power has now left behind the government company NTPC MCap in terms of market cap.

Adani Power has consistently given multibagger returns to its investors. It has jumped about 15 per cent in the last five days. During the last one month, the stock price of Adani Power has risen by more than 35 per cent. Similarly, in the last six months, it has jumped about 240 percent.

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