Shares of Adani Transmission surged nearly 8 per cent today after Anil Ambani-led Reliance Infrastructure signed an agreement to sell its power transmission assets to Adani Group for over Rs 2,000 crore.
Adani Transmission's scrip soared 7.36 per cent to settle at Rs 43.05 on BSE. During the day, it jumped 11 per cent to Rs 44.55 -- its 52-week high.
At NSE, shares of the company zoomed 7.61 per cent to end at Rs 43.10.
Shares of Reliance Infrastructure went up by 0.22 per cent to close the day at Rs 591.05.
RInfra owns two electricity transmission lines spanning Maharashtra, Gujarat, Madhya Pradesh and Karnataka and has a 74 per cent stake in another in Himachal Pradesh and Punjab.
"Reliance Infrastructure Ltd (RInfra) today announced the signing of a binding term sheet with Adani Transmission Ltd (ATL) for 100 per cent stake sale of its transmission assets," the company said in a statement.
While the two companies did not give valuation of the deal, banking sources said the sale consideration was in excess of Rs 2,000 crore.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)