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Adani Power rises 3% on slump sale of Mundra ina000003197

Shares of Adani Power were up around 3 percent intraday on Wednesday after the company announced a slump share of its Mundra power unit.bonaz capital

In a notification to the exchanges on Tuesday, the company said that Adani Power’s board had approved the slump sale of Mundra Power Generating Business Undertaking, generating 4620 MW of power to its subsidiary Adani Power (Mundra) Limited.
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“This sale is for a lump sum consideration, without values being assigned to the individual assets and liabilities. The sale shall be subject to statutory and regulatory approvals, as may be required,” the company told the exchanges.

According to media reports, Gujarat Urja Vikas Nigam (GUVNL)is said to be mulling picking up controlling stake in the company.

A top source in GUVNL did not confirm the likelihood of picking up a stake in Adani’s Mundra Power Project. However, the official, not willing to be quoted, did not rule out the possibility either. ina000003197

An official at GUVNL told The Hindu BusinessLine neither confirmed nor denied the possibility of this transaction.

“There can be such a deal, but it requires a lot of due diligence. Picking up a stake comes with a lot of liabilities. We need to workout and verify financials and legal aspects of the deal. It is very premature to comment on a possibility of such a deal,” the official told the publication.
The stock had lost 11 percent in the past one month, signalling weak movements, while its three-day gain stood at 1 percent. At 09:48 hrs Adani Power was quoting at Rs 27.55, up Rs 0.30, or 1.10 percent on the BSE. It touched an intraday high of Rs 28.00 and an intraday low of Rs 27.40.