Shares of Adani Power (APL) surged 2% in the morning trade on the NSE today after the company received approval from the Hyderabad Bench of the National Company Law Tribunal (NCLT) for its ₹4,101 crore resolution plan for acquisition of power generation firm Lanco Amarkantak (LAPL).
APL shares opened at ₹687 today and hit a high of ₹689, up 2.2% from yesterday’s close of ₹673.70.
The tribunal approval Lanco’s acquistion on August 21, 2024, which was disclosed by Adani Power in a post-market release on August 22.
Adani Power will acquire 100% shareholding in LAPL through an upfront cash payment, as part of LAPL’s Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code. The acquisition, subject to…
