Adani Power Stock: Adani Power said that its board of directors has approved an amalgamation plan for the merger of six of its wholly owned subsidiary companies with itself.
“The Board of Directors of Adani Power Limited in its meeting held on 22nd March, 2022, approved the scheme of amalgamation of various wholly owned subsidiaries of the company, subject to necessary approvals/consents,” the BSE filing said.
According to the will of these companies
, the subsidiaries to be merged with Adani Power are Adani Power Maharashtra Limited, Adani Power Rajasthan Limited, Adani Power (Mundra) Limited, Udupi Power Corporation Limited, Raipur Energy Limited and Raigad Energy Generation Limited. . Let us tell you that these companies are wholly owned subsidiaries of Adani Power.
Adani Power will get
the due date of the asset plan of these companies will be October 1, 2021. The entire assets and liabilities of these six companies will be transferred to Adani Power. The objective of this scheme is to build a more resilient and stronger company. The company’s filing said the factors are being addressed in a focused manner to achieve better financial returns over the long term. Please note that there will be no change in the equity shareholding pattern of the company under this merger scheme, as no shares are being issued by the firm in connection with the scheme. Adani Power has six branches also engaged in the business of power generation and sale.
Tremendous rise in the stock of
Adani Power After this news, the shares of Adani Power are seeing tremendous growth today. As soon as the market opened, the company’s shares jumped 8.57% to Rs 134.35. At present, the shares of Adani Power are trading at 131.85 with a gain of 6.55%.