 "Lanco Infra, Adani Power gain after Udupi power plant deal")
Shares of Lanco Infratech and Adani Power are trading higher on the bourses after Adani Power has bought Hyderabad-based Lanco Infratech’s Udupi power plant at an enterprise valuation of Rs 6,000 crore.
Lanco Infratech has locked in upper circuit of 5% at Rs 8.95 and Adani Power gained 3% to Rs 53.60 on the National Stock Exchange (NSE).
Adani will take over the plant’s Rs 4,000 crore worth of debt, Lanco will receive Rs 2,000 crore in cash, which it plans to use for lowering its debt.
Lanco Infratech has locked in upper circuit of 5% at Rs 8.95 and Adani Power gained 3% to Rs 53.60 on the National Stock Exchange (NSE).
Adani will take over the plant’s Rs 4,000 crore worth of debt, Lanco will receive Rs 2,000 crore in cash, which it plans to use for lowering its debt.