The stock of electric utilities company was trading at its record high price, gaining for the 12th straight trading session. Since September 26, it appreciated by 67% from Rs 127, as compared to 1% gain in the benchmark S&P BSE Sensex.
The BSE and NSE with effect from today, October 12, 2017, revised price band of the stock to 5% from 10%. Till 01:41 PM; a combined 2.1 million shares changed hands and there were pending buy orders for 352,067 shares on both the exchanges.
RInfra said in a BSE filing on Tuesday, October 10, 2017 that the company has entered into a period of exclusivity until January 15, 2018 in relation to discussions for the proposed sale of its integrated business of generation, transmission and distribution of power for Mumbai city to Adani Transmission.
Moody's Investors Service says that Adani Transmission (ATL’s) Baa3 senior secured rating is not immediately affected by its announcement that it has entered into a period of exclusivity with RInfra in relation to discussions for a proposed acquisition of certain power generation, transmission and distribution assets of Reliance.
A proposed acquisition is subject to several conditions, including satisfactory due diligence, execution of documentation and certain approvals.
"The ultimate impact on ATL's credit profile would depend upon a number of factors, including the ultimate terms of any deal and potential impact on ATL's financial profile and capital structure, and our assessment of Reliance's assets and potential capital requirements" says Abhishek Tyagi, a Moody's Vice President and Senior Analyst.