ALSO READRInfra to sell Mumbai power biz to Adani Transmission for Rs 13,251 crore Adani Transmission up 10% on signing agreement with Reliance Infra Adani Transmission rallies for 12th straight day; stock zooms 67% Adani Transmission buys RInfra's Mumbai power biz; shares surge up to 10% RInfra deal to boost Adani Transmission's earnings
Adani Transmission, Adani Power, Adani Enterprises, Adani Ports and Special Economic Zone from the Adani Group were up in the range of 1% to 10%. Reliance Infrastructure (RInfra), Reliance Capital, Reliance Communications, Reliance Home Finance, Reliance Power, Reliance Nippon Life Asset Management and Reliance Naval and Engineering from the ADAG Group up between 1% and 8% on the BSE in intra-day trade.
Adani Transmission on Thursday announced signing of a binding agreement with RInfra for buying the latter’s 100% stake in the Mumbai power business. READ REPORT HERE
For Adani Transmission, the deal marks its entry into the power distribution business and access to the Mumbai distribution circle makes it a significant player in India’s private power distribution space.
“RInfra will utilise the proceeds of this transaction entirely to reduce its debt, becoming debt-free, and up to Rs 3,000 crore cash surplus,” the company said in a statement.
Adani Transmission hit a record high of Rs 248, up 10% in intra-day trade, extending its previous day’s 10% rally on the BSE. RInfra surged 8% to Rs 544, extending its 14% gain in past two trading sessions.