Lanco Infratech moves up on stake sale talks

Stock gains 2%

Power generator, Lanco Infratech gained over 2% at Rs 12.10 on news that the company has reached out to its Malaysian partner, Genting, to buy stake in three of its power plants.

Lanco is looking for a stake buyer for the Amarkantak, Baband and Anpara plants. The move comes after Lanco was unable to sell stake of its power business to private equity players. Ever since, it has been looking to sell power projects to buyers to raise equity.

Genting has a 35% stake in Lanco’s gas-fired Kondapalli power plant.

The stock started the trading session at Rs 12.05 on the BSE. So far, the stock has touched a high of Rs 12.25 and a low of Rs 11.97. Over four million shares have changed hands on both the exchanges.