Shares of Crompton Greaves and Adani Power are trading higher by over 2% on National Stock Exchange (NSE) after the Adani Power signed memorandum of understanding to acquire Avantha group's Korba West Power.
“Avantha Power & Infrastructure Ltd (APIL), in which it holds an equity investment of about 23.14%, has signed a memorandum of understanding with Adani Power for 100% sale of APIL's Korba West Power Company Ltd (KWPCL),” Crompton Greaves said in a statement.
KWPCL, a special purpose vehicle of APIL, is commissioning a coal based thermal power plant of 600 MW. KWPCL is valued in excess of Rs 4,200 crore, it added.
Meanwhile, the Crompton Greaves said Avantha Holdings, the promoter group company, is likely to sell a portion of its shareholding in the resultant company – Crompton Greaves Consumer Products.
Crompton Greaves has gained 3.3% to Rs 202 on NSE. It hit high of Rs 204 and seen a combined 2.37 million shares changed hands on the counter till 1019 hours on NSE and BSE.
Adani Power was up 2% to Rs 46.35 on NSE. The stock opened at Rs 46.50 and touched a high of Rs 46.70 so far. A combined 1.65 million shares changed hands on the counter on NSE and BSE.
Source: Business standard
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