Adani Power to acquire 100% stake in two infra companies; Stock sheds near 1%

8 Jun 2022 , 09:58 AM

Adani Power Ltd stocks in focus today as the Adani Group company announced 100% acquisiton in two infra companies at an aggregate cost of Rs280.10 crore and Rs329.30 crore respectively, as per the regulatory filing.

According to the filing, the Company has signed Share Purchase Agreements to acquire 100% equity shares of two companies, viz. Support Properties Private Limited (“SPPL”) and Eternus Real Estate Private Limited (“EREPL”) from their respective shareholders.

Further, the object of acquisition is to set up infrastructure facilities and the transaction is expected to be completed in two weeks.

SPPL is incorporated with an object for carrying out the business in infrastructural activities. It is yet to commence its operations.

In addition to the same, Eternus Real Estate Private Limited EREPL is incorporated with an object for carrying out the business in infrastructural activities and it is also yet to commence its operations.

At around 10:01 AM, Adani Power was trading at Rs289.35 apiece down by Rs1.85 or 0.64% from its previous closing of Rs291.20 apiece on the BSE.