Adani Power Ltd.’s share price jumped over 5% on Tuesday, after announcing the acquisition of Vidarbha Industries Power Ltd.
The acquisition was approved by the Committee of Creditors of VIPL, which is currently undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016, the company said in an exchange filing.
Adani Power received a Letter of Intent from the Resolution Professional on Feb. 24, 2025, confirming the approval of its resolution plan for VIPL. VIPL operates a 600 MW thermal power plant located in the MIDC Industrial Area, Butibori, Nagpur, Maharashtra. The acquisition is subject to the terms outlined in the LOI and requires approvals from the National Company Law Tribunal in Mumbai and other regulatory authorities.
The acquisition is expected contribute to its long-term objectives of Adani Power. The addition of VIPL’s 600 MW capacity will bolster APL’s overall power generation capabilities, providing a significant boost to its portfolio.
Adani Power Share Price Today
Shares of Adani Power rose as much as 5.38% to Rs 495.40 apiece. They pared gains to trade 3.77% higher at Rs 487.80 apiece, as of 10:29 a.m. This compares to a 0.11% advance in the NSE Nifty 50.
The stock has fallen 14.49% in the last 12 months. Total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 45.
The two analysts tracking the company maintain a ‘buy’ rating on the stock, according to Bloomberg data. The average 12-month analysts’ consensus price target implies an upside of 35.1%.
Disclaimer: NDTV Profit is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
. Read more on Markets by NDTV Profit.Adani Power received a Letter of Intent from the Resolution Professional on Feb. 24, 2025, confirming the approval of its resolution plan for VIPL. Read MoreMarkets, Business, Notifications
NDTV Profit
